Maple Finance Accused of Betraying Core Foundation with Rival Bitcoin Yield Offering

TLDR

• Core Foundation wins court injunction blocking Maple’s rival bitcoin product.
• Court halts Maple’s syrupBTC, citing breach of Core Foundation’s exclusivity.
• Core Foundation claims Maple used confidential info to develop competing token.
• Core secures injunction preventing Maple from using its token or info.
• Legal battle intensifies as Maple denies wrongdoing in Core Foundation dispute.

The Core Foundation has secured an injunction from the Grand Court of the Cayman Islands against Maple Finance. The court ruling blocks Maple from launching a competing bitcoin yield product and restricts its dealings with Core’s native token. The injunction stems from an alleged breach of their commercial agreement, specifically over Maple’s development of a rival product.

Partnership and Dispute Emerges

In early 2025, Core Foundation partnered with Maple Finance to develop lstBTC, a liquid staked Bitcoin token. The collaboration aimed to provide bitcoin holders with a yield while keeping their assets in secure institutional custody. Core Foundation made significant financial and resource investments to support the project, and it quickly gained traction.

Maple Finance launched the product in April 2025, leading to explosive growth for the platform. By mid-2025, Maple secured over $150 million in bitcoin through lstBTC. However, the partnership soured when Core Foundation accused Maple of misusing confidential information and violating their exclusivity agreement by secretly developing a competing product, syrupBTC.

Core Foundation’s claims focus on the alleged misuse of proprietary data and work product. The exclusivity clause in the partnership agreement restricted Maple from developing similar products for 24 months. Core believes that Maple’s actions undermined the agreement and compromised the integrity of their collaboration.

Court Grants Injunction and Blocks Maple’s Competing Product

Justice Jalil Asif KC ruled in favor of Core Foundation, granting an injunction against Maple Finance. The court found that Core’s claims of breach of confidentiality and exclusivity had significant merit. It also determined that damages would not suffice, as Maple could gain a competitive advantage by launching syrupBTC.

The injunction prevents Maple from using Core’s confidential information or launching syrupBTC. It also blocks Maple from engaging in any transactions involving Core’s native token, CORE, without written consent. Core Foundation argued that the injunction was necessary to prevent Maple from gaining an unfair advantage while the dispute proceeds to arbitration.

Lender Risk and Asset Protection Concerns

The dispute also raised concerns about lender assets. Core Foundation highlighted that Maple’s declaration of impairments on millions of dollars in bitcoin deposits jeopardized the safety of lender funds. Core maintains that the bitcoin should be held securely with reputable custodians, in line with the bankruptcy-remote structure required in their original agreement.

Maple Finance contends that it has the right to declare impairments. The firm’s actions have drawn criticism from Core Foundation, which continues to assert that lender principal must remain ring-fenced. Rich Rines of Core urged lenders to seek independent legal advice before engaging further with Maple. The company plans to pursue all available remedies to address Core Foundation’s actions. Core Foundation remains committed to protecting its community and will take legal action as needed.

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