Incident Registry
The definitive public record of RWA structural failures, defaults, and exploits.
Goldfinch
Multiple borrowers in emerging market credit pools defaulted on their loan obligations. Due to the undercollateralized nature of the off-chain lending, investors in specific tranches faced substantial write-downs as the protocol works through legal recovery processes.
Lack of real-time monitoring on borrower financial health in emerging markets combined with a lack of collateral to offset defaults.
Celsius Network
While primarily a centralized lending platform, Celsius heavily utilized RWA-backed mechanisms for generating yield. When market conditions triggered a bank run, the platform froze all redemptions, revealing a massive mismatch between liquid on-chain liabilities and illiquid off-chain assets.
Asset-Liability Mismatch (ALM). Celsius was borrowing liquid crypto and lending it out in illiquid RWAs and long-term staking, resulting in a liquidity crisis during a bank run.
Maple Finance
Orthogonal Trading, a major borrower on the Maple platform, defaulted on $36 million in loans following the collapse of FTX. Because the loans were largely undercollateralized, lenders in the affected pools suffered significant losses (up to 80% write-downs).
Undercollateralized lending to a single counterparty (Orthogonal) that was highly exposed to the FTX collapse.