The Core Foundation has secured an injunction against Maple Finance, as the nonprofit alleges that Maple was misusing confidential information to create a competing Bitcoin yield product following a previous collaboration. The pair teamed up earlier this year to develop a Bitcoin yield product called IstBTC. The Core Foundation claims that Maple has used the collaborative work, while still taking the Foundation’s money, to create a “rival product” called syrupBTC. This would be in direct violation of the 24 ...

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]

The Grand Court of the Cayman Islands has granted an injunction against Maple Finance over alleged breaches of its commercial partnership with Core Foundation to develop lstBTC, a liquid staked Bitcoin token launched earlier this year that helped Maple secure over $150 million in client assets. The court ruling prohibits Maple from launching its competing product, syrupBTC, and from dealing in CORE tokens pending arbitration, while finding serious merit in Core’s claims of misuse of confidential informati ...