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it changed its stance, claiming it could not repay its debts due to a large amount of funds being unable to be withdrawn from FTX.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)

ChainCatcher news, the crypto data analysis and research firm Messari stated on Twitter that the institutional lending protocol Maple Finance has issued over $1.6 billion in loans since its launch, but only experienced a default on a $10 million loan once in the second quarter of this year. (Source link)

Chain Catcher news, the unsecured lending product Ribbon's Lend from the DeFi platform Ribbon Finance has allowed crypto companies Folkvang and Wintermute to borrow over $10 million. The protocol went live on Monday and currently allows users to deposit approximately $15 million worth of USDC. Ribbon's foray into unsecured lending may indicate that the industry, led by companies like Maple Finance, Clearpool, and TrueFi, is heating up. (Source link)

ChainCatcher news, according to on-chain data, the hacked crypto market maker Wintermute owes several trading counterparties DeFi debts exceeding $200 million, after $160 million was stolen by hackers. The largest debt is a $92 million Tether (USDT) loan issued by TrueFi, which is due on October 15. Wintermute's loan book also includes a $75 million debt owed to Maple Finance and a $22.4 million debt owed to Clearpool.Wintermute CEO Evgeny Gaevoy stated on Twitter that the company is still solvent. (Coindesk)