Cryptodaily has been at the forefront of delivering insightful news and updates from the crypto ecosystem. Today, we introduce a new weekly video feature, allowing our audience to catch up with the hottest news from the crypto sector in a new format.
This week, we will cover Orthogonal Trading’s loan default, Ren Protocol’s warning to users, Nomad’s bridge relaunch, Binance’s Proof of Reserves, and the FTX hearings.
Orthogonal Trading Defaults On Loans
The week saw Orthogonal Trading default on eight loans worth $36 million. The loans were taken on DeFi lending platform Maple Finance. The default occurred because Orthogonal’s funds were tied up with the bankrupt crypto exchange FTX and impacted 30% of all active loans on the protocol. As a result of the default, Maple Finance severed all ties with Orthogonal Trading.
Ren Protocol Warns Users Of Potential Loss Of Funds
Alameda Research-backed Ren Protocol has warned its users that they risk losing their funds as it prep
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