Two General Funds M11 USDC On Maple Finance Exhausted

Early warning and monitoring by cryptocurrency security firm Beosin shows that the funds of two Maple Finance M11 USDC mining pools have been exhausted.

According to data observed by security risk monitor Beosin EagleEye, early warning and blocking platform monitoring by blockchain security auditing firm Beosin show that two Maple Finance M11 USDC funds have been exhausted.

It is known that Maple Finance’s USDC pool has been withdrawn a large amount in the past month, but according to the official statement of M11Credit, it was Orthogonal Trading’s bad debt that affected the entire pool.

On December 3, Orthogonal Trading informed us that due to the funds being held on FTX, they have suffered a much larger loss than previously disclosed to us and will not be able to pay loans or maintain their obligations as borrowers.

Today, two investors are at risk of losing money because of the incident on Maple, Sherlock, a smart contract auditing platform, said on Twitter that they could lose about $4 million. Sherlock currently has 5 million USDC deposited into the USDC lending pool managed by M11 Credit. The 2nd one is Nexus Mutual which is expected to lose around $3 million due to this incident and there are plans to withdraw funds from Maple’s wETH team.

After being accused of misrepresenting its financial situation to a lender on Maple Finance, the credit platform severed all ties with Orthogonal Trading.

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