Digital asset trading firm Orthogonal Trading, which became insolvent after the sudden implosion of FTX, has been placed under provisional liquidation by the British Virgin Islands courts, according to another firm, M11 Credit, which had sought the move.

The news, tweeted Thursday by M11, came after Orthogonal Trading defaulted on $36 million of loans from M11 Credit-managed lending pools on decentralized finance protocol Maple Finance earlier this month.

M11 Credit and Maple had solicited an ”urgent ex parte application” on Dec. 15 to appoint a provisional liquidator for Orthogonal Trading in British Virgin Islands High Court, according to the tweet. The request was granted, M11 said.