The Grand Cayman Island High Court has delivered a significant injunction against the altcoin entity, Maple Finance, in response to a legal action initiated by the Core Foundation. This legal move comes after allegations of a breached collaboration agreement between the two organizations, creating a serious dispute worth trying in court. Consequently, Maple Finance is restrained from launching its new product, syrupBTC, and is barred from engaging in CORE coin transactions without explicit permission from the Core Foundation.
What Sparked the Conflict?
Core Foundation and Maple Finance embarked on a collaborative endeavor earlier this year to create “lstBTC,” a venture designed to yield returns on Bitcoin assets. Core Foundation played a pivotal role, offering financial backing and technological support, and their work was displayed at February’s Consensus Hong Kong event. This partnership saw Maple’s managed assets skyrocket to beyond $500 million. Rumblings of discord emerged by mid-year with Core accusing Maple of exploiting private information to develop the rival product, syrupBTC.
How Secure are the Assets Under Maple’s Program?
Core Foundation expressed concerns regarding substantial assets within Maple’s Bitcoin Yield program, arguing these should be held in safeguarded accounts through independent custodians to prevent improper losses. Furthermore, the lstBTC initiative had secured Bitcoin principals with option contracts to buffer against volatility, a measure reportedly compromised by Maple’s alleged breaches.
In a court submission, Core underscored a binding 24-month exclusivity clause, accusing Maple of advancing independent projects using its resources. By September 26, 2025, the court concluded financial remedies would fall short, reinforcing the injunction preventing Maple from leveraging Core’s confidential information or launching competing products.
Core Foundation deemed the court’s resolution crucial to safeguard its network and stakeholder interests, while planning to explore alternative partnerships for similar initiatives. Contrarily, Maple Finance released a statement asserting the disagreement was confined to the BTC Yield trial arrangement with Core, stressing that their broader operations remain unaffected.
“Our aim is to pursue all necessary legal courses to protect our interests and maintain fair terms for lenders,” stated Maple Finance.
Meanwhile, cryptocurrency data reflected market reactions with SYRUP coin slipping 4.76% to $0.3639, and CORE coin rising slightly by 0.19% to $0.1677, indicating financial impacts accompanying the legal entanglement.
