Today, Sherlock, a smart contract auditing platform, said on Twitter that due to the default of Maple Finance’s borrowers, Sherlock could lose about $4 million. Among them, Sherlock currently has 5 million USDC deposited into the USDC lending pool managed by M11 Credit.
The team is expected to recover 20%-25% and the mortgagor could lose 33%-35% of the amount.
According to previous news, Orthogonal Trading has defaulted on 8 loans totaling $36 million to Maple Finance. Defaults account for around 30% of ongoing loans over the whole protocol. Maple Finance has canceled Orthogonal Trading’s borrowing authority and said it hopes to recover US$2.5 million to reduce losses.
Maven 11 will take legal action against Orthogonal Trading to recover the loan. As updated in an earlier Coincu News article, Nexus Mutual is expected to lose about $3 million due to this incident and there are plans to withdraw funds from Maple’s wETH team.
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