# Maple Finance: Case Study 7 reviews · 6 reports · 70 findings > “I've had the pleasure to work with Simao over the last few years where he has completed numerous audits for Maple Finance. Each time he's been thorough, finding niche issues missed in prior audits and helping us improve the design and security of the system. I would highly recommend him to audit any protocol.” **What it is.** Maple Finance runs institutional lending pools: lenders deposit, a pool delegate underwrites and issues loans, and withdrawals are queued against the liquidity that is actually there. **What was reviewed.** Seven reviews between November 2023 and October 2025, four with Three Sigma and three with Sherlock, across the fixed-term and open-term loan contracts, the loan managers, the pool and its withdrawal manager, the fee manager, the protocol globals and the Syrup migration and user action utilities. ## What was found 70 findings were published across the 7 reviews, 6 of them high severity. Maple fixed 37 of them, including every high severity one. ## Featured finding When a Maple borrower defaults, the pool is meant to seize the collateral backing the loan first, and to draw on the pool delegate’s own staked cover only for whatever the collateral does not repay. The last step of that sequence could be called on its own, skipping the seizure: the collateral stayed with the borrower, the delegate’s cover paid the loss in its place, and the loan was left half closed in the pool’s books, where a later repayment could make other borrowers’ payments revert. [See the whole finding](https://0xsimao.com/findings/maple-finance-iii-liquidation-repossessing-delegate-collateral) ## Engagement history | Date | Kind | With | Findings | Report | |---|---|---|---|---| | 2025-10-22 | Private review | Sherlock | [5](https://0xsimao.com/findings#maple-finance-iii-2025-10-22) | [report](https://github.com/0xsimao/audits/blob/main/Sherlock/private-audits/2025-10-22-maple-finance-iii.pdf) | | 2025-09-08 | Private review | Sherlock | [3](https://0xsimao.com/findings#maple-finance-ii-2025-09-08) | [report](https://github.com/0xsimao/audits/blob/main/Sherlock/private-audits/2025-09-08-maple-finance-ii.pdf) | | 2025-06-08 | Private review | Sherlock | - | - | | 2024-11-26 | Private review | Three Sigma | [15](https://0xsimao.com/findings#maple-finance-iv-2024-11-26) | [report](https://github.com/0xsimao/audits/blob/main/Three%20Sigma/2024-11-26-maple-finance-iv.pdf) | | 2024-08-23 | Private review | Three Sigma | [5](https://0xsimao.com/findings#maple-finance-syrup-2024-08-23) | [report](https://github.com/0xsimao/audits/blob/main/Three%20Sigma/2024-08-23-maple-finance-syrup.pdf) | | 2024-04-10 | Private review | Three Sigma | [35](https://0xsimao.com/findings#maple-finance-iii-2024-04-10) | [report](https://github.com/0xsimao/audits/blob/main/Three%20Sigma/2024-04-10-maple-finance-iii.pdf) | | 2023-11-16 | Private review | Three Sigma | [7](https://0xsimao.com/findings#maple-finance-ii-2023-11-16) | [report](https://github.com/0xsimao/audits/blob/main/Three%20Sigma/2023-11-16-maple-finance-ii.pdf) |