After Orthogonal gets served with default notices on $36M of crypto loans from Maple Finance, the firm’s credit team says it was unaware of the extent of the trading team’s exposures. sndr_krisztian reports
“We are shocked and dismayed,” Orthogonal Credit said in the statement. “We are speechless by the extent of the exposure and liquidity position of Orthogonal Trading’s book of business.
“This resulted in the default of this loan and subsequently the unsuccessful conclusion to the talks we were engaged in,” Orthogonal Trading wrote. Orthogonal Credit said in the Medium post that it operated as structurally separate from the trading business. But it said the credit business was affected since the trading unit provided funds for the so-called “first-loss capital” for the Maple lending pool managed by Orthogonal Credit.
“In light of this development, the Credit Team is actively seeking strategic solutions to continue to provide Credit-as-a-Service across self-custodial decentralized finance protocols,” Orthogonal Credit said.
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