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A Hedge Fund Hit by FTX Collapse Defaults on $36 Million of Debt

6Dec

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A Hedge Fund Hit by FTX Collapse Defaults on $36 Million of Debt

[ad_1] Contagion from the collapse of crypto exchange FTX is spreading into the world of decentralized finance. Contagion from the collapse of crypto exchange FTX is spreading into the world of decentralized finance, as lending protocol Maple Finance severed ties with a hedge fund that defaulted on almost $36 million worth of crypto loans on its platform.Sydney-based Orthogonal Trading said in a tweet on Tuesday that it defaulted on a $10 million loan after being “severely impacted by the collapse of FTX and associated trading activities,” without giving further details. M11 Credit, which runs a lending pool on Maple, on Monday said Orthogonal Trading had informed it on Dec. 3 about its inability to repay. Orthogonal Trading had taken out $31 million of loans in the USDC stablecoin an...

SPACs and Crypto’s Loveless Marriage was Doomed

[ad_1] Crypto companies seeking the public markets’ stamp of approval face a rightly skeptical SEC. Banker Bob Diamond was forced to pull the ripcord this week on his attempt to take stablecoin issuer Circle Internet Financial public via a special purpose acquisition company. The ex-Barclays Plc boss's dealmaking ability probably wasn't the issue. Nor was the target's financial performance: Circle earns interest income on the reserves that backstop its stablecoin USDC, and rising interest rates have thus benefited its bottom line. Instead, the party pooper was almost certainly the Securities and Exchange Commission. Following the collapse of crypto exchange FTX in November, the regulator's already elevated wariness of crypto is now at DEFCON 1. Trying to match a crypto company wi...

Cryptoverse: British pound fiasco boosts Bitcoin’s hedge appeal

[ad_1] As a developed nation, you know your currency's in a spot of bother when investors start to hedge with bitcoin. As a developed nation, you know your currency's in a spot of bother when investors start to hedge with bitcoin.After Britain's brief Prime Minister Liz Truss unleashed her mini-budget on Sept. 23, filling financial markets with dread, a section of investors stampeded away from the pound and towards the cryptocurrency. Trading volumes between bitcoin and the pound jumped 233% in September overall from the month before, according to data from research firm CryptoCompare, while trading between the cryptocurrency and a similarly battered euro also jumped 68%. "It was the first time we've seen such a huge increase in (bitcoin) volumes for the currency of a developed countr...