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Orthogonal defaulted on $36 million of loans on decentralized finance (DeFi) protocol Maple Finance earlier this month after it misrepresented its losses from the FTX implosion. Original Source
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Shortly after Orthogonal got served with default notices on $36 million of crypto loans from Maple Finance, the firm’s credit team published a statement saying it was “speechless” and unaware of the extent of the trading team’s exposures. Source
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Orthogonal Trading was due to pay back a $10 million USDC stablecoin loan on Dec. 4. Source
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Blockchain-based institutional capital marketplace Maple Finance announced on Dec 5 that it plans to cut all ties with Orthogonal Trading due to alleged misrepresentation of finances following the collapse of FTX. According to Maple Finance, it decided to cut all ties with the trading firm because it misrepresented its finances over the
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Orthogonal Credit, an arm of the digital asset hedge fund Orthogonal Trading, disclosed on Nov. 9 it pushed to close Alameda Research's dedicated borrower pool on Maple Finance in the second quarter of this year, after identifying "key weaknesses" in a due diligence. On Twitter, the company announced it had identified
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