Core Foundation Wins Injunction Against Maple Finance on Alleged Confidentiality Breach

Core Viewpoint - Core Foundation has secured an injunction against Maple Finance due to alleged breaches of confidentiality in their partnership regarding the lstBTC token [1][2] Legal Proceedings - The Grand Court of the Cayman Islands has prohibited Maple Finance from launching its own liquid-staking token, syrupBTC, or engaging with CORE tokens until arbitration is resolved [1] - Judge Jalil Asif noted evidence supporting Core's claims that Maple's actions could cause significant commercial damage to Core [2] Partnership and Product Development - Core Foundation and Maple Finance collaborated earlier this year to create lstBTC, a token that allows holders to earn yield on their bitcoin while secured by custodians like BitGo, Copper, and Hex Trust [2] - Core alleges that Maple breached exclusivity obligations and misappropriated Core's intellectual property to develop their own product, accumulating $150 million in client assets through the lstBTC partnership [3] Financial Implications - Core accused Maple of creating risks for lenders by declaring impairments to the value of millions of dollars in BTC deposits [3] - Core expressed confusion regarding Maple's inability to return bitcoin to lenders and questioned their right to declare impairments [4] Maple's Response - Maple Finance denies any wrongdoing and intends to pursue all available remedies to hold Core Foundation accountable for the consequences of their actions [5]