Maple Finance token Maple (MPL) fell more than 24% on Monday following news that Orthogonal Trading defaulted on a $36 million loan on the crypto lending protocol.
According to a statement, Maple Finance has severed all ties with Orthogonal Trading, the parent company that operates both crypto hedge funds and credit businesses.
The crypto lending protocol will cancel Orthogonal Trading as the borrower of the platform and Orthogonal Credit as the principal, and close its lending pool.