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.




Security Incidents

In This Article

Latest News More More
Use TokenInsight App All Crypto Insights Are In Your Hands