{"id":8988,"date":"2022-12-05T23:44:52","date_gmt":"2022-12-05T23:44:52","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=8988"},"modified":"2022-12-05T23:44:53","modified_gmt":"2022-12-05T23:44:53","slug":"maple-finance-severs-ties-with-orthogonal-trading-over-insolvency-concerns","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=8988","title":{"rendered":"Maple Finance severs ties with Orthogonal Trading over insolvency concerns"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n   <\/p>\n<p>Institutional crypto lending protocol Maple Finance has moved to end all its business deals with Orthogonal Trading over concerns that the latter is \u201ceffectively insolvent.\u201d<\/p>\n<p>Maple Financial lending partner Orthogonal Trading was caught up in the FTX collapse, which left the trading firm in a liquidity crisis.<\/p>\n<p>The trading firm has four active loans in Maple\u2019s M11 Credit Pool, which totaled up to $31 million and was due for repayment on Dec. 4. However, it failed to disclose its inability to repay the M11 Pool due to its FTX exposure.<\/p>\n<p>According to Maple, Orthogonal Trading had misrepresented its financial position to the M11 Pool over the last four weeks and only notified its inability to pay about 24 hours before the loan default.<\/p>\n<p>Following Orthogonal Trading\u2019s perceived dishonesty and inability to continue operating a trading business without additional funding, Maple has announced that it will sever all ties to the Orthogonal group.<\/p>\n<p>The statement reads:<\/p>\n<p><strong>\u201cMaple will not work with bad actors or with firms that misrepresent their financials or business operations. We are shocked and disappointed in the behaviours of others and this is not a respresentation of how we do business.\u201d<\/strong><\/p>\n<h2>Orthogonal Credit to repay $31M loan<\/h2>\n<p>Orthogonal Trading was a borrower on the lending platform, while its parent company Orthogonal Credit was a Pool Delegate that contributed up to $850 million to Maple\u2019s lending book.<\/p>\n<p>Following the trading firm\u2019s loan default, Maple said it would also sever its business relationship with the Orthogonal Credit team.<\/p>\n<p>Maple added that Orthogonal Trading\u2019s $31 million loan default would be claimed from Orthogonal\u2019s Credit lending pool.<\/p>\n<p> Journalist at CryptoSlate<\/p>\n<p>Christian is a crypto-curious nerd who loves to investigate how protocols work under the hood. Christian is interested in DeFi protocol research, token economics, and on-chain analytics.<\/p>\n<p>Posted In: Bankruptcy, Lending<\/p>\n<h3>Read Our Latest Market Report<\/h3>\n<h2>Get an Edge on the Crypto Market \ud83d\udc47<\/h2>\n<p>Become a member of CryptoSlate Edge and access our exclusive Discord community, more exclusive content and analysis.<\/p>\n<p>  <strong>On-chain analysis<\/strong><\/p>\n<p>  <strong>Price snapshots<\/strong><\/p>\n<p>  <strong>More context<\/strong><\/p>\n<p> Join now for $19\/month Explore all benefits<br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cryptoslate.com\/maple-finance-severs-ties-with-orthogonal-trading-over-insolvency-concerns\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Institutional crypto lending protocol Maple Finance has moved to end all its business deals with Orthogonal Trading over concerns that the latter is \u201ceffectively insolvent.\u201d Maple Financial lending partner Orthogonal Trading was caught up in the FTX collapse, which left the trading firm in a liquidity crisis. The trading firm has four active loans in [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":8989,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[3],"tags":[],"class_list":["post-8988","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/8988","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=8988"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/8988\/revisions"}],"predecessor-version":[{"id":8990,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/8988\/revisions\/8990"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/8989"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8988"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8988"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8988"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}