Smart Contract Audit Platform Sherlock: Maple Finance Borrower Default May Result in Losses of Approximately $4 Million

ChainCatcher news, the smart contract auditing platform Sherlock announced today that due to the default of Maple Finance borrower Orthogonal Trading, Sherlock may incur a loss of approximately $4 million. Currently, Sherlock has $5 million USDC deposited in the USDC lending pool managed by M11 Credit, which is expected to recover 20% - 25%, and stakers may lose 33% - 35% of their funds.

Previous news, Orthogonal Trading has defaulted on a total of $36 million in loans from the institutional lending protocol Maple Finance, which comes from the M11 USDC pool and M11 WETH pool operated by Maven 11. (Source link)