First Default on Digital Assets
The Novosibirsk-based car dealership network "Autocity" (Autocity LLC) has announced a default on digital financial assets (DFAs) totaling 200 million rubles. This default is the first in Russia on such financial instruments.

The DFAs were placed in June 2024 for a total of 200 million rubles on Alfa-Bank’s platform. The annual rate was 20.5% with monthly income payments. According to the terms, the maturity date for the DFAs fell on June 26th.

 

The company explained the default as a result of rising key interest rates and car prices. Investors now have several options:

 

  • Exchange current DFAs (ATC-1-DT-062025-00001) for new DFAs (ATC-1-DTPU-032028-00002) is from July 3rd to August 26th, 2025. The new issue is less favorable in terms of conditions but is secured by a guarantee from the founder and other companies within the group. The terms of the exchange are not disclosed in detail; we assume they are available through the Alfa-Bank application.

  • Send a pre-trial claim to the issuer to subsequently recover the debt.

  • Take no active steps and wait for payments to resume in the future.

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