Orthogonal Trading is insolvent, defaults on $36 million in loans https://web3isgoinggreat.com/?id=orthogonal-trading-is-insolvent-defaults-on-36-million-in-loans The unsecured lending platform Maple Finance published a blog post announcing that they were severing ties with Orthogonal Trading, who had "misrepresented its financial position" for a month. "It is now clear that they have been operating while effectively insolvent, and it will not be possible for them to continue operating a trading business without outside investment," wrote Maple. On December 3, Orthogonal Trading admitted to Maple that they were unable to meet loan repayments. The group was unable to repay a $10 million loan due the following day. The group has $36 million in liabilities across various loans on Maple's USDC and wETH pools. Orthogonal Credit, a sister group to Orthogonal Trading, published a blog post distancing themselves, writing that they were "shocked and dismayed" by Trading's misrepresentation. "We are speechless by the extent of the exposure and liquidity position of Orthogonal Trading’s book of business," they wrote. They attributed the insolvency to FTX exposure.
Crypto exchange Kraken to shutter its Japan operations after global layoffs https://www.cnbc.com/2022/12/28/cry...ose-japan-operations-after-mass-job-cuts.html
This was to be expected. Kraken is very cyclical, so know this before you go onboard. In another province here, they laid off a whole building when the 2017-18 bear market began to sweep in the crypto-winter. A friend of mine was pretty upset about it, but again.... that's the risk when you work in this field.
Silvergate Capital tanks more than 40% after crypto bank discloses massive fourth-quarter withdrawals https://www.cnbc.com/2023/01/05/sil...to-bank-discloses-massive-q4-withdrawals.html Tick-Tock. Just waiting.
‘Contagion risk’: After the FTX collapse, top U.S. regulators warn banks about crypto https://www.cnbc.com/2023/01/06/us-regulators-warn-banks-about-crypto-risks-after-ftx-collapse.html