According to Maple Finance, Orthogonal Trading had been “operating while effectively insolvent” and is in need of outside investment to run.
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.to cut all ties with the trading firm because it misrepresented its finances over the last four weeks and only recently admitted on Dec. 3 that it could not meet loan repayments.
Maple Finance shared that it refuses to work with “bad actors” who misrepresent their finances. The company shared: “Misrepresentation like this is in violation of Maple’s agreements and all appropriate legal avenues to recover funds will be pursued including arbitration or litigation as necessary.” While Maple Finance has issued a"Notice of Termination to Orthogonal Credit as a Pool Delegate,” severing all ties with the firm, it maintains that its smart contract would still be used to protect assets in the Orthogonal Credit pool. Maple said it does not foresee any impact on lenders in the Orthogonal Credit pool because"all loans remain active with no current signs of distress.
Maple shared that the Orthogonal Credit team, unlike its trading arm, acted with “integrity and professionalism” and is currently looking for strategic solutions “as an independent entity.”The fallout from the collapse of FTX and Alameda Research appears to bestill spreading within the cryptocurrency community.in the second quarter of 2022 after identifying “key weaknesses” in its due diligence.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Maple Finance Severs Ties With Orthogonal Trading, Alleging It Misrepresented Financial PositionOrthogonal Trading 'is effectively insolvent' and was 'misrepresenting its financial position' to one of its creditors, M11 Credit, decentralized finance lender Maple Finance said. sndr_krisztian reports
Lire la suite »
Maple token down more than 24%, cuts ties with Orthogonal Trading following $36 million defaultMaple is down 24.7% in the past day as crypto hedge fund Orthogonal Trading defaults on $36 million in loans.
Lire la suite »
Panthers release Baker Mayfield 5 months after trading for himThe Baker Mayfield experiment with the Carolina Panthers is over.
Lire la suite »
Pokémon Trading Card Game Artist Spotlight: Modern Mitushiro AritaIf you were to name one PokemonTCG illustrator as the definitive contributor to the hobby, it is iconic artist Mitsuhiro Arita. Pokemon
Lire la suite »
DOGE Soars 6%, BTC Stuck at $17K Amid Low Trading Volumes (Weekend Watch)Dogecoin is the best performer from the larger-cap alts, while CELO and NEXO have gained the most from the mid-caps.
Lire la suite »
Margin trading vs. Futures: What are the differences?Margin trading and futures are used in cryptocurrency to multiply gains. Here’s what you need to know about these tools, how they work, and their differences.
Lire la suite »