ChainCatcher news, according to monitoring by PeckShield, the crypto hedge fund and credit company Orthogonal Trading has launched a $16.9 million USDC loan on the institutional lending protocol Maple Finance, with a term of 30 days and an annual interest rate of 0%. The Orthogonal Trading team confirmed that this is part of the migration process to Maple v2.It is reported that Orthogonal Trading owes a total of $36 million in loans to Maple Finance. (source link)

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)

ChainCatcher message, according to monitoring by Beosin EagleEye, a security risk monitoring platform under the blockchain security audit company Beosin, the funds of two pools in Maple Finance have been drained, addresses: 0x6F6c8013f639979C84b756C7FC1500eB5aF18Dc4 and 0xCC8058526De295c6aD917Cb41416366D69A24CdE.It is reported that in the past month, there have been large withdrawals from the USDC pool of Maple Finance, but M11Credit officials claim that bad debts from Orthogonal Trading have affected the entire pool. (source link)

ChainCatcher news, the smart contract auditing platform Sherlock announced today that due to the default of Maple Finance borrower Orthogonal Trading, Sherlock may incur a loss of approximately $4 million. Currently, Sherlock has $5 million USDC deposited in the USDC lending pool managed by M11 Credit, which is expected to recover 20% - 25%, and stakers may lose 33% - 35% of their funds.Previous news, Orthogonal Trading has defaulted on a total of $36 million in loans from the institutional lending protocol Maple Finance, which comes from the M11 USDC pool and M11 WETH pool operated by Maven 11. (Source link)

ChainCatcher news, DeFi insurance platform Nexus Mutual disclosed today that due to the default of the crypto hedge fund and credit company Orthogonal Trading, it incurred a loss of 2,461 ETH, accounting for 1.6% of its total assets, which does not affect its daily operations or ability to pay claims. Additionally, the market maker Auros Global failed to repay a loan of 2,400 wETH to Maple, and there are another 6,000 wETH in outstanding active loans in the same pool. Nexus stated that the amount of this loss is temporarily unknown but will not exceed the losses incurred from Orthogonal Trading.Yesterday's report indicated that Orthogonal Trading has defaulted on a total loan of 36 million USD from the institutional lending protocol Maple Finance, which accounts for about 30% of Maple Finance's active loan volume. The loan comes from the M11 USDC pool and the M11 WETH pool operated by Maven 11. Nexus Mutual previously deployed 29 million USD to the M11 WETH pool on Maple Finance to earn yields in August of this year. (Source link)

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)