The crypto hedge fund Orthogonal Trading owes a total of $36 million in loans to Maple Finance

2022-12-05 22:29:46

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ChainCatcher news, according to The Block, the company Orthogonal Trading, which includes crypto hedge funds and credit, has defaulted on a total of $36 million in loans from the institutional lending protocol Maple Finance, accounting for about 30% of Maple Finance's active loan volume. The loans come from the M11 USDC pool and the M11 WETH pool operated by Maven 11, while other lending liquidity pools remain unaffected.

Maple Finance has revoked Orthogonal Trading's borrowing privileges and stated that it expects to recover $2.5 million to mitigate losses. Maven 11 will take legal action against Orthogonal Trading to recover the loans.

It is reported that Maple Finance founder Sid Powell stated that Orthogonal Trading had indicated in November that its exposure to FTX was minimal, but in December, it changed its stance, claiming it could not repay its debts due to a large amount of funds being unable to be withdrawn from FTX. (source link)

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