Orthogonal Trading Hedge Fund Bankrupts Due To FTX Collapse

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The collapse of FTX.com continues to cause “cannon fire” in the cryptocurrency market, with hedge fund Orthogonal Trading going bankrupt over $36 million in debt.

According to Bloomberg, lending firm Maple Finance cut off contacts with Orthogonal Trading after the latter announced that it was unable to repay $10 million in loans having been “significantly impacted by the collapse of FTX and its trading operations.”

Orthogonal Trading had received a loan of 31 million in US dollars and 4.9 million in a token called wrapped ether, according to Maple. Maple issued a statement saying it was declaring all of its active loans to Orthogonal Trading in bankruptcy.

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