Verify a decision

{"actor":"system:backfill","investigation_id":"06eb64f0-bc1b-4d9a-8bce-5bcccb776e53","kind":"publish","page_slug":"maple-finance","published_at":"2026-10-13T05:08:08.215Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"Maple Finance","sections":[{"content":"The Block reported on 5 December 2022 that Orthogonal Trading defaulted on eight loans totaling $36 million on Maple, about 30% of active loans at the time. The borrower said on 3 December that it had far more funds stuck on bankrupt exchange FTX than previously disclosed. About $31 million of the loss sat in the M11 USDC pool run by M11 Credit (roughly an 80% loss for remaining investors) and about $5 million in Maven's M11 WETH pool (roughly 17%). Other pools were reported as unaffected. Maple said it expected to recover at least $2.5 million from pool cover and Orthogonal's remaining fees, and cut ties with Orthogonal Trading and Orthogonal Credit as a delegate. Maple alleged Orthogonal Trading misstated its exposure; Orthogonal Credit said it operated independently and understood the trading arm had misrepresented its exposure. M11 Credit was reported to be considering legal action; this report found no verified outcome. The same coverage describes this as the second borrower default on Maple after Babel Finance failed to service its debt in June 2022. Reporting also mentions a missed repayment by market maker Auros Global; its resolution was not verified here. Later loss history was not researched in this run and should not be assumed to be absent.","heading":"Borrower defaults and loss history","severity":"high","sources":[{"credibility":2,"name":"The Block: Orthogonal Trading defaults on $36 million of loans on Maple Finance","type":"news_article","url":"https://www.theblock.co/post/192097/maple-finance-default-orthogonal-trading"},{"credibility":2,"name":"AOL/Yahoo: FTX Contagion Spreads as Orthogonal Trading Gets Default Notice for $36M Debt on Maple Finance","type":"news_article","url":"https://www.aol.com/news/maple-finance-severs-ties-orthogonal-151706771.html"}]},{"content":"Maple's security documentation lists audits by release: Trail of Bits (report dated 2022-08), Spearbit (2022-10) and Three Sigma (2022-10) for the December 2022 contracts; Spearbit via Cantina and Three Sigma in 2023; Three Sigma and 0xMacro for releases in late 2023 and during 2024; Sherlock and 0xMacro for a September 2025 Governor Timelock upgrade; Spearbit and Sherlock for a November 2025 Withdrawal Manager upgrade; and Dedaub and Sigma Prime for a January 2026 CCIP Receiver on Ethereum mainnet. The page states that all relevant issues raised were addressed before each release, and that Maple runs an Immunefi bug bounty. These are self-reported by Maple; audit reports were not independently reviewed here, and audits do not guarantee the absence of vulnerabilities.","heading":"Audits and security","severity":"low","sources":[{"credibility":2,"name":"Maple docs: Security Architecture & Audits","type":"official","url":"https://docs.maple.finance/technical-resources/security/security.md"}]},{"content":"Maple's documentation states SYRUP and stSYRUP are now the sole governance tokens, replacing MPL and xMPL. Votes are cast through Snapshot, each proposal has a 7-day voting window, and a proposal is rejected if quorum is not reached or if more votes are cast against it than for it. The migration used a one-time rate of 1 MPL to 100 SYRUP (MIP-010) and ended on 30 April 2025 (MIP-011); community forum records show MIP-017 authorized a further 48-hour window from 19 to 21 May 2025 after a contested debate. Unconverted MPL was deemed unclaimed and an equivalent amount of SYRUP was minted to a segregated Syrup Strategic Fund wallet. Quorum thresholds, timelock and multisig control details were not verified in this run.","heading":"Governance and token","severity":"medium","sources":[{"credibility":2,"name":"Maple docs: Governance and voting","type":"official","url":"https://docs.maple.finance/maple-for-token-holders/governance-and-voting"},{"credibility":2,"name":"Maple docs: MPL to SYRUP Conversion","type":"official","url":"https://docs.maple.finance/maple-for-token-holders/mpl-token-migration"},{"credibility":3,"name":"Maple community forum: MIP-017 Final MPL Conversion Window","type":"community_report","url":"https://community.maple.finance/t/mip-017-final-mpl-conversion-window-and-strategic-use-of-unconverted-tokens/398?page=6"}]},{"content":"DefiLlama's API endpoint for the Maple protocol returned a TVL of about $2,837,280,355 when fetched on 2026-10-13. This differs from the roughly $3.0B in the request and may reflect timing. An earlier FXStreet report, citing DefiLlama, put an all-time high of $3.07 billion on 8 October 2025. The SYRUP market cap of about $278M was not re-verified from CoinGecko or another primary source and is not asserted here.","heading":"Scale and data verification","severity":"low","sources":[{"credibility":2,"name":"DefiLlama API: Maple TVL","type":"on_chain","url":"https://api.llama.fi/tvl/maple"},{"credibility":2,"name":"FXStreet: Maple Finance price forecast, SYRUP extends weekly rally as TVL surges","type":"news_article","url":"https://www.fxstreet.com/cryptocurrencies/news/maple-finance-price-forecast-syrup-extends-weekly-rally-as-tvl-and-trading-volume-surge-202510150603"}]}],"sources_used":[{"credibility":2,"name":"The Block: Orthogonal Trading defaults on $36 million of loans on Maple Finance","type":"news_article","url":"https://www.theblock.co/post/192097/maple-finance-default-orthogonal-trading"},{"credibility":2,"name":"AOL/Yahoo: FTX Contagion Spreads as Orthogonal Trading Gets Default Notice","type":"news_article","url":"https://www.aol.com/news/maple-finance-severs-ties-orthogonal-151706771.html"},{"credibility":2,"name":"Maple docs: Security Architecture & Audits","type":"official","url":"https://docs.maple.finance/technical-resources/security/security.md"},{"credibility":2,"name":"Maple docs: Governance and voting","type":"official","url":"https://docs.maple.finance/maple-for-token-holders/governance-and-voting"},{"credibility":2,"name":"Maple docs: MPL to SYRUP Conversion","type":"official","url":"https://docs.maple.finance/maple-for-token-holders/mpl-token-migration"},{"credibility":3,"name":"Maple community forum: MIP-017","type":"community_report","url":"https://community.maple.finance/t/mip-017-final-mpl-conversion-window-and-strategic-use-of-unconverted-tokens/398?page=6"},{"credibility":2,"name":"DefiLlama API: Maple TVL","type":"on_chain","url":"https://api.llama.fi/tvl/maple"},{"credibility":2,"name":"FXStreet: Maple Finance price forecast","type":"news_article","url":"https://www.fxstreet.com/cryptocurrencies/news/maple-finance-price-forecast-syrup-extends-weekly-rally-as-tvl-and-trading-volume-surge-202510150603"}],"summary":"Maple Finance is an on-chain institutional credit and lending protocol, mostly on Ethereum, whose governance token is SYRUP. In 2022 two borrowers defaulted on its undercollateralized lending pools, including a reported $36 million Orthogonal Trading default; the protocol has since published a series of third-party audits. DefiLlama's API returned a TVL of roughly $2.84 billion when checked on 2026-10-13; the requester's $3.0B TVL and $278M SYRUP market cap figures could not be re-verified from a primary source.","timeline":[{"date":"2022-06","event":"Babel Finance reported to have failed to service its debt on Maple, the first borrower default on the platform.","source":"AOL/Yahoo","source_url":"https://www.aol.com/news/maple-finance-severs-ties-orthogonal-151706771.html"},{"date":"2022-12-05","date_evidence":"published December 5, 2022","event":"Orthogonal Trading default on eight loans totaling $36 million reported; Maple severs ties.","source":"The Block","source_url":"https://www.theblock.co/post/192097/maple-finance-default-orthogonal-trading"},{"date":"2025-04-30","date_evidence":"concluded on April 30, 2025, as specified in MIP-011","event":"Original MPL to SYRUP conversion program ended.","source":"Maple docs","source_url":"https://docs.maple.finance/maple-for-token-holders/mpl-token-migration"},{"date":"2025-05","event":"MIP-017 authorized a final 48-hour MPL conversion window (19 to 21 May 2025).","source":"Maple community forum","source_url":"https://community.maple.finance/t/mip-017-final-mpl-conversion-window-and-strategic-use-of-unconverted-tokens/398?page=6"},{"date":"2025-10","event":"DefiLlama TVL reported at an all-time high of about $3.07 billion.","source":"FXStreet","source_url":"https://www.fxstreet.com/cryptocurrencies/news/maple-finance-price-forecast-syrup-extends-weekly-rally-as-tvl-and-trading-volume-surge-202510150603"},{"date":"2026-01","event":"Sigma Prime audit of Maple CCIP Receiver listed in Maple documentation.","source":"Maple docs","source_url":"https://docs.maple.finance/technical-resources/security/security.md"}]},"v":1}