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Maple Finance Drops Orthogonal Trading Due to Fraud

Date:

  • Maple Finance sever all links with Orthogonal Trading 
  • Orthogonal Trading suffers allegations of financial deception
  • On-chain lending infrastructure is one of Maple’s priorities

Following the demise of FTX, the blockchain-based institutional capital marketplace Maple Finance declared on December 5 that it will sever all links with Orthogonal Trading due to allegations of financial deception.

According to Maple Finance, it severed all links with the trading company because, during the past four weeks, it misrepresented its finances and only revealed on December 3 that it could not satisfy loan repayments. This indicates that the corporation was running while practically insolvent, rendering it unable to continue operations without outside assistance.

Maple network stated:

Maple will not work with bad actors or with firms that misrepresent their financials or business operations. We are shocked and disappointed in the behavior of others and this is not a representation of how we do business.

Maple added that they will maintain their commitment to the community. “Maple is a technology and service provider. Maple is committed to providing on-chain lending infrastructure to improve capital markets, and will continue to provide this service.”

After detecting significant vulnerabilities in its due diligence, Orthogonal Credit revealed on November 9 that it would close Alameda Research’s Maple Finance dedicated borrower pool by the second quarter of 2022.

In other news, to adjust to the increasing demands for transparency, other platforms are now including proof of reserves in their data services. For example, on-chain data site Glassnode now aggregates all in one dashboard.

As per Glassnode, up to nine (9) exchanges have disclosed the addresses containing their proof of reserves. Namely, these are Binance, OKX (previously OKex), Crypto.com, Bitfinex, Bybit, BitMEX, KuCoin, and Deribit.

Tags: BitcoinBTCCrypto marketFTX

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Crypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.

José is a crypto enthusiast who trades crypto night and day. He loves to share his trading stories and experiences in all his published articles. José likes to hang out and travel to meet new friends. Enjoys sushi, vodka, and tequila.

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