Orthogonal Trading Temporarily Liquidated Because A Loan Payment Of $36 Million
Key Points:
- Orthogonal Trading has been placed under provisional liquidation by the British Virgin Islands courts for a $36 million loan from M11 Credit on Maple Finance.
- M11 Credit and Maple had solicited an ”urgent ex parte application” to appoint a provisional liquidator for Orthogonal Trading in the British Virgin Islands High Court.
- To aid with the recovery of assets for depositors, M11 Credit and Maple hired Kroll, a corporate investigation and risk consulting organization with headquarters in the United States.
The British Virgin Islands courts have placed the digital asset trading company Orthogonal Trading under provisional liquidation after it became insolvent following the abrupt collapse of FTX.
Following Orthogonal Trading’s $36 million default on loans from lending pools operated by M11 Credit using the decentralized finance protocol Maple Finance earlier this month, the news was announced by M11 Credit.
Orthogonal Trading recognized earlier this month that the demise of FTX had a significant impact on business. It had been making strong progress in its tight collaboration with a possible strategic partner regarding new funds to pay off all outstanding bills. However, the funds didn’t arrive in time to cover a $10 million payment that was due.
Orthogonal Credit representatives claimed in a Medium article that they were not informed of the full extent of Orthogonal Trading’s financial difficulties.
According to M11, Orthogonal Trading, which managed a lending pool and served as a borrower in the FTX collapse, concealed its losses and operated for weeks insolvently before failing to make payments.
M11 Credit and Maple requested an urgent ex parte application on December 15 in the British Virgin Islands High Court to appoint a provisional liquidator for Orthogonal Trading. The request was approved.
Orthogonal Trading has been removed from the platform by Maple. Depositors in affected lending pools could lose up to 80% of their funds.
To assist in returning assets to depositors, M11 Credit and Maple hired Kroll, a corporate investigation and risk consulting organization with headquarters in the United States.
The BVI court’s ruling, according to M11 Credit, permits the appointment of a liquidator to reclaim Orthogonal Trading’s assets.
In order to seek debt restructuring, struggling trading company Auros Global, which also owes unpaid obligations to Maple credit pools maintained by M11 Credit, applied for provisional liquidation on the British Virgin Islands last month. The company recently filed a bankruptcy protection.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Harold
Coincu News
Author
Key Points:
- Orthogonal Trading has been placed under provisional liquidation by the British Virgin Islands courts for a $36 million loan from M11 Credit on Maple Finance.
- M11 Credit and Maple had solicited an ”urgent ex parte application” to appoint a provisional liquidator for Orthogonal Trading in the British Virgin Islands High Court.
- To aid with the recovery of assets for depositors, M11 Credit and Maple hired Kroll, a corporate investigation and risk consulting organization with headquarters in the United States.
The British Virgin Islands courts have placed the digital asset trading company Orthogonal Trading under provisional liquidation after it became insolvent following the abrupt collapse of FTX.
Following Orthogonal Trading’s $36 million default on loans from lending pools operated by M11 Credit using the decentralized finance protocol Maple Finance earlier this month, the news was announced by M11 Credit.
Orthogonal Trading recognized earlier this month that the demise of FTX had a significant impact on business. It had been making strong progress in its tight collaboration with a possible strategic partner regarding new funds to pay off all outstanding bills. However, the funds didn’t arrive in time to cover a $10 million payment that was due.
Orthogonal Credit representatives claimed in a Medium article that they were not informed of the full extent of Orthogonal Trading’s financial difficulties.
According to M11, Orthogonal Trading, which managed a lending pool and served as a borrower in the FTX collapse, concealed its losses and operated for weeks insolvently before failing to make payments.
M11 Credit and Maple requested an urgent ex parte application on December 15 in the British Virgin Islands High Court to appoint a provisional liquidator for Orthogonal Trading. The request was approved.
Orthogonal Trading has been removed from the platform by Maple. Depositors in affected lending pools could lose up to 80% of their funds.
To assist in returning assets to depositors, M11 Credit and Maple hired Kroll, a corporate investigation and risk consulting organization with headquarters in the United States.
The BVI court’s ruling, according to M11 Credit, permits the appointment of a liquidator to reclaim Orthogonal Trading’s assets.
In order to seek debt restructuring, struggling trading company Auros Global, which also owes unpaid obligations to Maple credit pools maintained by M11 Credit, applied for provisional liquidation on the British Virgin Islands last month. The company recently filed a bankruptcy protection.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Harold
Coincu News
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