According to another firm, M11 Credit, which had sought the move, the British Virgin Islands courts have placed digital asset trading firm Orthogonal Trading under provisional liquidation after it became insolvent following the sudden implosion of FTX. M11 announced the news on Thursday, following Orthogonal Trading’s default earlier this month on $36 million in loans from M11 Credit-managed lending pools on decentralised finance protocol Maple Finance. According to the tweet, M11 Credit and Maple sought a “urgent ex parte application” on December 15 to appoint a provisional liquidator for Orthogonal Trading in the British Virgin Islands High Court. M11 confirmed that the request had been granted.
