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- The Cayman Islands court blocks Maple Finance’s syrupBTC launch, restricting its dealings with Core’s token.
- Core accuses Maple of using confidential LstBTC data and violating a 24-month exclusivity agreement.
- The judge finds a serious issue to be tried, citing risks of competitive harm and impaired bitcoin deposits.
The Grand Court of the Cayman Islands has granted Core Foundation an injunction against the crypto lending platform Maple Finance, following claims of contract violations. This court ruling prevents Maple from introducing a competitive bitcoin-based yield product, syrupBTC, and limits its dealings with the native token of Core, pending arbitration.
Core Foundation believes that the conflict revolves around a partnership established between Core and Maple in 2025. The two organizations had worked together to develop the LstBTC product, which targets allowing investors to gain a yield on their bitcoin while retaining custody. The product, launched in April, was said to have given Maple rapid growth, thanks to substantial investments made by Core in technical development, marketing, and subsidies.
Core, however, accuses Maple of embezzling their confidential data in mid-2025, having used the means and expertise acquired by the joint venture to create a competing product. This behavior, according to Core, breaches a 24-month exclusivity agreement that barred Maple from introducing competing products, as it had used Core’s capital and technology.
In response, Maple refuted the claims of misconduct and asserted that Core’s actions were not in the best interests of lenders. The company also emphasized that its business would not be impacted, even with the legal challenge in place.
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Legal Ruling Raises Serious Concerns
Justice Jalil Asif KC of the Cayman Islands Grand Court found that there is a “serious issue to be tried” in relation to the alleged misuse of confidential information and breach of the exclusivity clause. The court held that damages would not be an adequate remedy due to the threat that Maple might pose in dealing in Core tokens and the competitive edge it would gain by introducing its product.
The Classification Core Foundation also expressed concern about Maple declaring impairments of millions of dollars of deposited bitcoin. This ruling followed Core’s decision to halt some price protection payments, citing a breach of agreement. Fundamental inquiries Maple can repay to its lenders the bitcoin and whether it has a legal right to impair these assets, which only adds more to the controversy.
With the court battle still ongoing, the two companies are fighting to defend their interests. The Core Foundation is interested in averting further damage to its business and reputation, whereas Maple intends to protect itself and explore all possible solutions actively.
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