The Core Foundation obtained an injunction from the Cayman Islands court, accusing Maple Finance of breaching its cooperation agreement.
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TL;DR
Core Foundation secured a Cayman Islands court injunction against Maple Finance for allegedly breaching confidentiality and exclusive terms in their lstBTC collaboration. The foundation claims Maple used confidential data for competing products, raising doubts about its business operations.
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CoreSpartan GroupRWA TokenMaple FinanceDeFiCore FoundationCayman Islands courtlstBTCconfidentiality breach
According to Mars Finance, on November 20th, the Core Foundation announced that it had obtained an injunction from the Grand Court of the Cayman Islands. The court found that Maple Finance, in the process of jointly developing lstBTC, allegedly violated confidentiality obligations and exclusive cooperation terms, raising "serious issues requiring adjudication." The Core Foundation stated that since the collaboration began in early 2025, they have invested significant resources in technology development, marketing, and product subsidies. However, Maple Finance was subsequently accused of using confidential information to develop competing products, violating their 24-month exclusive cooperation agreement. Regarding Maple Finance's announcement that it must impair the assets in its Bitcoin Yield product, the Core Foundation pointed out that the reason why Maple Finance is unable to return Bitcoin to lenders remains unclear, and emphasized that its actions reflect significant doubts about Maple Finance's business operations.