Orthogonal Credit: Operates separately from Orthogonal Trading and is unaware of any fraud

2022-12-07 10:04:09

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ChainCatcher news, the Orthogonal Trading lending team Orthogonal Credit issued a statement expressing shock and dismay at Orthogonal Trading's default on a $36 million loan to Maple Finance, and stated that they are "at a loss" regarding the risk exposure and liquidity situation of Orthogonal Trading's financial books. The statement claimed that they were unaware of any false representations made by Orthogonal Trading and operate separately from Orthogonal Trading.

Orthogonal Credit manages a $30 million stablecoin lending pool named Orthogonal Trading--USDC001 on Maple. The Orthogonal Credit team stated that they expect this incident will not affect the lenders in the pool, and that all loans remain active. The team plans to repay the loans in the coming months and will do their utmost to meet customer withdrawal requests. (source link)

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