Maple Finance Lending Pool Delegate 'Identified a Number of Key Weaknesses' Tied to FTX's Alameda Research – Bitcoin News

Maple Finance Lending Pool Delegate 'Identified a Number of Key Weaknesses' Tied to FTX's Alameda Research

According to a report from Orthogonal Credit, a delegate of Maple Finance’s lending pools, the firm decided “earlier this year” not to lend to Alameda Research, FTX’s quantitative trading firm. Orthogonal said through “due diligence” it “identified a number of key weaknesses” associated with Alameda.A Twitter thread published by Orthogonal Credit explains that the firm identified a few weaknesses tied to Alameda Research.

Orthogonal then detailed that the firm “actively pushed to close the Alameda dedicated borrower pool on [Maple Finance] during 2Q22.” The firm said that the Orthogonal team discovered issues related to FTX’s quantitative trading firm. “During our Alameda due diligence earlier this year, the team identified a number of key weaknesses: a) declining asset quality, b) unclear capital policy, c) less than robust operational and business practices, and d) an increasingly byzantine corporate structure,” OrthogonalWe considered these key weaknesses and made a commercial decision to sever our institutional lending relationship. Not a decision we took lightly but a necessary part of proactive risk management.

it had funds locked on FTX. “We do have remaining funds on FTX, and while this is not ideal, the amount is within our risk tolerances and does not have a significant impact on our overall financial position,” Wintermute detailed. “As a market neutral trading firm, we do not have any directional exposure to FTT tokens or related ecosystem assets,” the firm

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FTX Token Plummets as Market Fears Possible Alameda ContagionBREAKING: FTT dropped over 12% in an hour as crypto investors continued to worry about a possible Alameda contagion. thesamreynolds reports thesamreynolds thesamreynolds Good I sold all my bags and I am in a 50 X short let that pop go to zero thesamreynolds Deploying more capital - steady lads 😂
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