Orthogonal Credit alleged key weaknesses in Alameda’s due diligence early in ...
The firm pushed Maple Finance to halt Alameda's dedicated borrower pool earlier this year. Orthogonal Credit, an arm of the digital asset hedge fund Orthogonal Trading, disclosed on Nov. 9 that it pushed to close Alameda Research’s dedicated borrower pool on Maple Finance in the second quarter of 2022 after identifying “key weaknesses” in its due diligence. The company announced on Twitter that it had identified a number of key weaknesses while conducting due diligence earlier this year — specifically, declining asset quality and unclear capital policy, among other factors.The assessment....
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According to a report from Orthogonal Credit, a delegate of Maple Finance’s lending pools, the firm decided “earlier this year” not to lend to Alameda Research, FTX’s quantitative trading firm. Orthogonal said through “due diligence” it “identified a number of key weaknesses” associated with Alameda. Orthogonal Credit Found ‘Key Weaknesses’ Tied to FTX’s Alameda Research Earlier This Year A Twitter thread published by Orthogonal Credit explains that the firm identified a few weaknesses tied to Alameda Research. The Twitter revelation is explained in a tweet that details....
The Bank of International Settlements (BIS), the global body for central banks, claims the weaknesses in crypto that were pointed out before “have pretty much materialized.” BIS General Manager Agustin Carstens opined: “You just cannot defy gravity … At some point, you really have to face the music.”
BIS on Crypto Weaknesses
The Bank of International Settlements (BIS) has warned that a perceived danger of decentralized digital money is materializing.
The BIS explained in its Annual Economic Report, published Tuesday, that the crypto....
Former NSA contractor and alleged information leak Edward Snowden recently shared his thoughts on the cryptocurrency bitcoin and its flaws. Although he pointed out the disadvantages of the network, he also had some positive remarks as well. For one, Snowden mentioned that "the protocol has a lot of weaknesses and transaction sides and a lot of weaknesses that structurally make it vulnerable to people who are trying to own 50 percent of the network and so on and so forth." Snowden Comments on Bitcoin. "But when we think about the basic principles behind it, there are some very interesting....
The trial against FTX co-founder Sam Bankman-Fried took an intriguing turn as Zac Prince, the CEO of defunct crypto lender BlockFi, provided testimony in a Manhattan federal courtroom. Prince’s appearance provided valuable insights into the intricate relationship between BlockFi, FTX, and Alameda Research. BlockFi’s Bankruptcy Rooted In Alameda And FTX According to a Bloomberg report, Prince revealed that BlockFi had substantial exposure to Alameda and FTX, estimated at around $1 billion, at the time of BlockFi’s failure in November 2022. Prince asserted that if the....
Trustatom, a Canadian company that provides blockchain-powered smart contracts, has raised early seed funding from a group of angel investors. The company is preparing to launch an investment due diligence SaaS, called CredyCo, powered by its proprietary technology stack and the blockchain. The internet has provided a great way for parties to transact efficiently, prompting truly fascinating use cases, but the remaining key challenge is the need for mutual trust. To address this, Trustatom brings the trust mechanics that made Bitcoin possible into the mainstream.