M11 Credit says it obtained a ruling from a British Virgin Islands court for provisional liquidation of Orthogonal Trading, a trading firm that defaulted on DeFi loans on Maple Finance. sndr_krisztian reports
” and had been “working closely with a potential strategic investor regarding fresh funding to cover all outstanding liabilities, with good progress being achieved,” but the money didn't come through in time to meet a $10 million payment due.claiming they were kept out of the loop on the depth of Orthogonal Trading’s financial troubles.
According to M11 Credit, the BVI court’s decision allows the appointment of a liquidator to recover assets from Orthogonal Trading. “Given Orthogonal’s bad faith, M11 Credit and the Maple Foundation took this step to preserve the value of the assets and to seek to return maximum value to lenders,” M11 Credit said.
M11 Credit and Maple contracted Kroll, a U.S-based corporate investigation and risk consulting firm, to help recover assets to depositors.
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