<div>
 <ul>
 <li>
 
 Maple Finance, a DeFi corporate lending platform, announced that it would be cutting ties with Orthogonal Trading, a crypto trading firm, alleging that the latter misrepresented its financial position. Orthogonal is a major borrower on Maple across multiple lending pools, as well as a manager and underwriter of its own lending pool on Maple.
 
 </li>
 <li>
 
 M11 Credit, a subsidiary of Maven 11 Capital (an investment firm), stated that Orthogonal had &ldquo;incurred larger losses than previously disclosed&quot;, due to funds held on the now bankrupt FTX, resulting in the company not being able to repay its debt. The statement came after Orthogonal failed to pay back a loan of USD 10 million from a credit pool managed by M11 Credit on December 4th. M11 Credit went on to issue a notice of default to Orthogonal for all four of its active loans worth USD 31 million on Maple's USDC stablecoin pool (close to 80% of the value of the entire pool).&nbsp;
 
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 <li>
 
 This default also resulted in Nexus Mutual, a DeFi insurance protocol, stating that it expects to take a USD 3 million loss on its investment of USD 19.3 million (representing 1.6% of its total assets) in credit pools on Maple Finance. The company went on to state that it has begun withdrawing all funds from the affected pool.&nbsp;
 
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 Analyst QuickTake: 
 The recent collapse and subsequent bankruptcy of
 <a href="https://sp-edge.com/companies/780156">
 FTX
 </a>
 , one of the largest cryptocurrency exchanges has had a ripple effect across the DeFi industry with many protocols facing issues related to their exposure to the platform. Currently, 56% of the total USD 27.8 million of outstanding loans in Maple&rsquo;s wrapped Ethereum credit pool is considered &ldquo;troubled debt.&rdquo;
 
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 </ul>
 
 
</div>

<div>
 
 <a href="https://maple.finance/news/maple-severs-all-ties-with-orthogonal-trading/">
 Maple Finance press release
 </a>
 
 
 <a href="https://medium.com/@M11PoolDelegate/m11-credit-update-on-loans-to-orthogonal-trading-cd2af1726b10">
 M11 credit notice of default&nbsp;
 </a>
 
 
 <a href="https://medium.com/nexus-mutual/update-on-nexus-mutuals-exposure-to-m11-credit-s-weth-lending-pool-on-maple-finance-2b7ca94af337">
 Nexus mutual blog post
 </a>
 
 
 <a href="https://www.coindesk.com/markets/2022/12/05/maple-finance-severs-ties-with-orthogonal-trading-alleging-it-misrepresented-financial-position/">
 Coindesk (Orthogonal)
 </a>
 
 
 <a href="https://www.coindesk.com/markets/2022/12/05/defi-risk-sharing-protocol-nexus-expects-loss-on-maple-credit-pool-investment-as-ftx-contagion-widens/">
 Coindesk (Nexus)
 </a>
 
</div>

All Updates

Ripple effects of FTX continue as major borrower on Maple Finance misrepresents financials; Nexus Mutual to take hit on investments