$106,239.00
0.88%$2,497.59
-0.47%$2.35
-0.68%$647.30
0.01%$167.48
1.27%$0.999858
0.01%$0.222966
-0.29%$0.736548
-0.37%$0.273809
3.37%$2,496.55
-0.44%$106,118.00
0.92%$3.89
2.64%$3,001.18
-0.78%$15.59
-0.63%$22.22
-0.28%$0.284147
-0.34%$26.11
-0.00%$0.00001438
-0.95%$0.193963
1.00%$8.76
1.43%$390.13
-0.02%$3.07
1.84%$94.40
-3.96%$4.63
0.86%$0.999885
0.01%$2,499.81
-0.35%$345.95
0.79%$5.15
-0.16%$2,670.87
-0.55%$1.00
0.01%$0.00001308
-1.64%$0.739374
2.66%$1.001
0.11%$106,264.00
0.83%$30.28
-0.06%$262.12
10.42%$414.81
0.68%$5.82
-2.08%$2.74
-0.39%$5.08
-1.48%$51.98
-0.35%$201.44
1.27%$0.940341
1.39%$1.00
0.00%$36.04
1.78%$0.096046
0.22%$0.108513
1.30%$18.24
-0.75%$5.17
-1.18%$13.30
3.18%$21.37
-0.07%$0.745333
2.09%$1.17
0.07%$0.02777265
-0.75%$1.052
0.05%$4.60
1.13%$0.370677
0.88%$4.74
-1.15%$1.00
-0.13%$105,686.00
0.67%$0.231144
-0.95%$0.734705
-0.36%$0.221086
-0.14%$0.390411
0.55%$4.40
0.15%$2.82
-2.36%$2.62
-0.79%$1.093
-2.98%$4.53
0.62%$0.497509
0.14%$0.00001959
-0.23%$2,495.57
-0.55%$0.998267
0.06%$11.78
0.77%$0.499211
2.71%$98.52
5.69%$176.15
0.98%$2,605.40
-0.49%$0.855123
0.27%$106,126.00
0.58%$1.28
4.14%$1.27
1.76%$4.53
-5.28%$1.92
-1.60%$0.01883856
-1.61%$0.222922
0.33%$1,717.30
-0.05%$0.640262
-0.77%$0.711001
-0.39%$0.775411
0.06%$2,839.08
-0.27%$12.00
1.16%$1.00
-0.00%$0.073758
0.91%$0.108438
-1.35%$0.984467
-0.61%$0.716575
6.52%$0.00009625
-1.53%$2,660.94
-0.61%$3.14
-0.45%$0.999601
-0.29%$0.893299
-0.80%$216.22
1.37%$647.55
-0.11%$0.999631
0.01%$185.75
1.15%$106,131.00
0.82%$0.01785599
0.03%$0.01891664
-0.93%$1.00
0.01%$105,813.00
0.35%$3,284.17
1.62%$0.638043
0.89%$2,622.19
-0.28%$0.01254655
-0.57%$3,300.64
1.65%$0.871817
-2.80%$0.220162
-0.95%$0.765976
-0.98%$0.307406
-1.03%$12.86
1.93%$2.27
2.57%$21.97
0.25%$2,611.57
-0.35%$0.00000073
0.47%$3.94
0.79%$4.41
8.26%$35.06
-2.01%$0.737518
5.63%$0.116787
1.17%$105,403.00
0.93%$0.067342
-3.34%$1.99
6.91%$0.01944523
-1.08%$1.00
0.14%$40.35
-1.80%$0.997552
0.01%$0.61259
-0.27%$2.06
-0.64%$0.399795
-0.49%$1.76
-2.67%$111.11
0.02%$1.11
0.61%$0.318139
-2.20%$2,497.36
-0.21%$0.222373
-0.45%$2.06
4.70%$2,493.60
-0.36%$106,232.00
1.10%$0.999902
0.01%$0.643092
-1.53%$2,658.28
-0.34%$2,548.53
-1.38%$18.03
-1.73%$0.621422
-1.46%$0.428025
-3.52%$0.639927
0.33%$105,816.00
0.99%$0.999004
0.00%$0.00856973
0.79%$2,502.01
-0.26%$2.96
-0.74%$7.26
-0.82%$0.471168
4.90%$0.065383
0.41%$0.149393
-2.02%$103,701.00
2.42%$0.127216
-7.33%$0.184193
1.08%$0.42318
-0.60%$0.179489
-1.51%$6.49
-0.11%$0.693139
0.89%$1.66
2.12%$0.999901
0.01%$0.00491328
-2.41%$1.85
-1.94%$0.087886
-0.45%$0.00002241
0.19%$0.04865103
-0.87%$0.444131
1.70%$0.00000044
1.89%$0.093325
-0.32%$1.39
1.31%$0.04326906
-0.73%$0.156758
2.59%$1.27
0.33%$2,497.87
-0.48%$0.00000105
-2.81%$0.00780692
-0.86%$1.008
1.71%$1.087
0.00%$0.373846
11.88%$0.00470673
2.71%$0.999204
-0.06%$105,821.00
1.99%$1.00
-0.04%$0.168516
-1.59%$42.98
0.89%$34.55
1.09%$0.999988
0.06%$1.10
-0.05%$1.51
-1.38%$0.231052
-1.04%$3.10
0.16%$0.01920807
1.98%$2,648.98
-0.26%$1.001
-0.01%$0.380155
-2.19%$0.00531321
-0.74%$0.03688505
5.28%$0.00358665
0.68%$0.779877
1.27%$0.371823
0.72%$132.58
0.03%$3.86
1.04%$26.15
0.16%$0.837535
0.69%$0.415828
295.67%$2,744.30
-0.25%$106,055.00
1.30%$0.00006146
-1.60%$0.827555
7.48%$2,724.07
-0.40%$1.001
-0.09%$19.58
-1.11%$0.319842
-4.20%$0.288767
2.97%$0.00000156
-1.59%$0.99976
0.01%$2,495.76
-0.22%$1.00
0.09%$0.221969
0.06%$0.00073123
1.23%$0.682589
0.60%$0.248199
-0.86%$22.25
-0.35%$18.45
0.69%$2,502.38
-0.06%$2,688.73
-0.20%$2.64
0.36%$0.0032607
-1.17%$0.498881
0.76%$23.18
-0.79%$26.15
0.16%$0.999862
-0.01%$0.00272749
-2.04%$2,132.49
0.93%Reading
The FTX dominoes continue to tumble, as Nexus Mutual revealed roughly $3 million in losses due—via a long string of contiguous events—to the exchange's collapse last month.
The crypto insurance protocol announced that it expects "to take a loss of around 2,461 Ethereum" (roughly $3 million) due to Orthogonal Trading defaulting on its loans. The two projects were both borrowing from M11 Credit's Wrapped Ethereum (WETH) lending pool built on Maple Finance.
Maple Finance is a lending platform that lets firms like M11 Credit allocate capital and spin up their very own lending facility.
Orthogonal's default was extensive: The majority of its loans, roughly $31 million, were in M11 Credit's USDC pool. The firm also defaulted on another $5 million in M11's WETH pool (the same one that Nexus was also drawing from). These funds were due to the trading firm's direct exposure to FTX.
Sidney Powell, co-Founder and CEO of Maple Finance, joins Decrypt's Liam Kelly and Stacy Elliott in our Decrypting Mainnet series at Mainnet 2022 to discuss its unique role in the lending space, why Bitcoin miners are willing to pay up to 20% for a loan, and how it's building the tooling to let any business spin up a crypto credit facility.
Nexus first voted to move 15,384 Ethereum into M11 Credit's lending pool back in August, earning 99.09% approval from the community.
The insurance protocol has already initiated the 10-day waiting period to withdraw these funds but it will still suffer some losses.
Nexus said that the losses amount to roughly 1.5% to 2.6% of the project's assets, and will not affect its day-to-day operations.
Though defaults on Maple Finance are not entirely uncommon, allegations that Orthogonal Trading misrepresented its exposure to FTX are unusual.
Both Maple and M11 allege that the trading firm misstated its exposure to the collapsed crypto exchange, with Maple noting that "they have been operating while effectively insolvent."
Early on Tuesday morning, the firm explained that it had been "working closely with a potential strategic investor" to help cover its liabilities. "Unfortunately, we were unable to match the timing of any fresh funding with the repayment date of our $10 million loan," the note read.
Orthogonal Trading isn't the only firm to get hit by the FTX contagion.
BlockFi, a popular crypto lending platform, the Winklevoss-led exchange Gemini, and prime broker Genesis are just a few of the big names to either file for bankruptcy or halt operations due to the implosion of Sam Bankman-Fried's crypto empire.
The founder of online news publication TechCrunch has claimed that Coinbase’s recent data breach “will lead to people dying,” amid a wave of kidnap attempts targeting high-net-worth crypto holders. TechCrunch founder and venture capitalist Michael Arrington added that this should be a point of reflection for regulators to re-think the importance of know-your-customer (KYC), a process that requires users to confirm their identity to a platform. He also called for prison time for executives that f...
Kevin O’Leary responded Monday to U.S. Senator Elizabeth Warren's (D-MA) latest attacks on the Senate’s stablecoin bill, rejecting her claims as “completely deranged” and warning that politicizing the legislation could undermine the U.S.’s position in global finance. “She’s confusing politics with progress, and this time, it could cost America dearly,” the Shark Tank investor and entrepreneur tweeted Monday. He added that, “This bill has nothing to do with Trump or meme coins.” Elizabeth Warre...
A California-based investor has accused Strategy, formerly MicroStrategy, and its executives of violating federal securities laws by making false and misleading statements, according to a complaint filed in the U.S. District Court for the Eastern District of Virginia on Friday. In the 38-page document, Anas Hamza alleged that Strategy and its executives, including co-founder and Executive Chairman Michael Saylor, failed to disclose that “the anticipated profitability of the company’s Bitcoin-foc...
