Investment firm Orthogonal Trading defaulted on eight loans totaling $36 million on the crypto lending protocol Maple Finance, accounting for approximately 30% of Maple Finance's active loan amount.
It is reported that the loan came from the M11 USDC pool and M11 WETH pool operated by Maven 11, and other lending liquidity pools were not affected. Maple Finance has now severed its relationship with Orthogonal Trading, is canceling Orthogonal Trading's borrowing rights, and said it expects to recover $2.5 million to reduce losses. Maven 11 is considering taking legal action against Orthogonal Trading to recover the loan.