Core Foundation Claims Maple Misused Confidential Data: Court Says ‘Serious Issue to Be Tried’
Core Foundation has issued an in depth assertion commenting on its dispute with Maple Finance after the Grand Court of the Cayman Islands granted an injunction towards Maple over alleged breaches of economic agreements associated to the event of lstBTC, a Core-powered liquid-staked Bitcoin token.
The injunction was granted after the Court discovered a “severe subject to be tried” relating to Maple’s alleged misuse of Core Foundation’s confidential info and breach of a 24-month exclusivity clause. Under the order, Maple is prohibited from launching or selling syrupBTC, its allegedly competing product, and from dealing in CORE tokens with out prior written consent pending arbitration.
Partnership Gone Wrong
According to Core Foundation, the partnership started in early 2025, and each events collaborated on lstBTC, a Bitcoin yield product designed to preserve BTC securely custodied at companies like BitGo. Core said it invested vital monetary and technical assets into growth, advertising and marketing, and subsidies, and famous that the partnership’s public launch at Consensus Hong Kong in February 2025 was properly acquired.
At that point, Maple Finance reportedly managed lower than $500 million in property, and Core acknowledged that early income and traction from the Bitcoin Yield product starting in April 2025 contributed to Maple’s fast progress. Core alleged that by mid-2025, Maple started utilizing its confidential info and work product whereas concurrently accepting Core’s assets to develop syrupBTC, which it considers a straight aggressive product in breach of exclusivity.
In a judgment dated September 26 and revealed on October 30 of this yr, Justice Jalil Asif KC held that damages wouldn’t be an ample treatment due to the danger of Maple dealing in or shedding CORE tokens and the potential head begin Maple would acquire by launching its competing providing.
Core Foundation additionally acknowledged that Maple had introduced over $150 million in Bitcoin to the early OTC model of the yield product, and that, primarily based on Maple’s representations, the Bitcoin was anticipated to be held in absolutely bankruptcy-remote segregated portfolios at respected custodians.
It added that the BTC Yield product included CORE value safety through third-party put choices, and that it had paid out tens of millions of {dollars} on these protections till Maple’s alleged breaches, at which level Core sought the injunction and terminated the agreements. Core Foundation mentioned Maple has since indicated it should declare an impairment affecting Bitcoin lenders, however Core mentioned it’s unclear why Maple can not return the Bitcoin or whether or not Maple has the proper to impair it, whereas citing its understanding that the property had been held with licensed custodians.
Core described Maple’s place as regarding and mentioned it’s pursuing authorized motion.
Response
In response, Maple Finance mentioned it “stands firmly in protection of lender rights” and confused that there isn’t any impression on its broader enterprise operations. The on-chain asset supervisor denied any wrongdoing and tweeted,
“Core Foundation’s actions are straight towards lender pursuits. Maple denies any allegations of wrongdoing on its half and can be pursuing all obtainable cures aggressively to guarantee Core Foundation is held accountable for the implications of their actions.”
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