Crypto Audit Platform Sherlock Expects $4M Loss From Troubled Loans on Maple Finance As FTX Contagion Grows

Orthogonal Trading’s insolvency, triggered $31 million of loans in the credit pool to default this week. The bad debt represents 80% of the credit pool’s outstanding loans. When Sherlock invested in the pool, however, Orthogonal’s borrowings only accounted for 14% of the pool’s loans.