The Core Foundation has announced that the Grand Court of the Cayman Islands has issued an injunction against Maple Finance following allegations that the company breached their commercial agreement. This legal action temporarily bars Maple from launching a competing bitcoin yield product and restricts its use of Core’s native token while arbitration proceedings are underway.
Established in early 2025, the partnership between Core and Maple Finance aimed to build lstBTC, an offering designed to help investors earn yield on their bitcoin holdings. However, Core now claims Maple misappropriated confidential information to develop syrupBTC, a rival product allegedly created while still relying on Core’s internal resources. According to Core, this move violates a 24-month exclusivity clause in their agreement.
Court Cites Serious Issues of Alleged Misconduct and Exclusivity Breach
The Grand Court noted that Maple’s alleged misuse of sensitive information and potential breach of the exclusivity provision present serious issues that merit legal intervention. The court further stated that monetary damages alone would be insufficient because Maple’s continued dealings involving CORE tokens could cause ongoing harm during the dispute.
Core also accused Maple of creating additional risks for lenders by impairing deposited bitcoin after Core paused certain payments. Despite these claims, Maple Finance denies all allegations, insisting that it has acted appropriately and that its operations remain unaffected by the injunction.
Partnership Tensions Rise as Arbitration Proceeds
With arbitration pending, the injunction marks a significant turning point in the once-collaborative relationship. The outcome of this dispute may have broader implications for partnerships within the decentralized finance sector, especially those involving shared resources, intellectual property, and exclusivity agreements.
