Orthogonal Trading Defaults on $36 Million of Loans on Maple Finance

Orthogonal Trading has defaulted on eight loans totaling $36 million on lending protocol Maple Finance. The defaults represent about 30% of active loans across the entire protocol.

It is reported that the majority of the defaults — some $31 million — are in the M11 USDC pool, run by a separate company called M11 Credit. The remaining $5 million is in Maven's M11 WETH pool — a 17% hit. Other pools are not impacted.

Maple Finance has severed ties with Orthogonal Trading and is removing Orthogonal Trading as a borrower on the Maple Finance platform. In addition, Maple Finance expects to recover at least $2.5 million to be used to reduce the damage, according to a Maple Finance spokesperson. M11 Credit is considering legal action against Orthogonal in the hope of recovering any funds.

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