According to The Block, Orthogonal Trading, a company that includes crypto hedge funds and credit, has defaulted on a total of $36 million in loans from institutional lending agreement Maple Finance, accounting for about 30% of Maple Finance's active loans. The loan comes from the M11 USDC pool and M11 WETH pool operated by Maven 11, and other loan liquidity pools will not be affected. Maple Finance has canceled Orthogonal Trading's borrowing authority and said it expects to recover $2.5 million to mitigate losses. Maven 11 will take legal action against Orthogonal Trading to recover the loan. Sid Powell, founder of Maple Finance, said that Orthogonal Trading had stated in November that it had little risk exposure to FTX, but in December it changed its tune and said that it could not repay the arrears because a large amount of funds could not be withdrawn on FTX.