Core Foundation, the creator of the yield-bearing lstBTC token, won an injunction against Maple Finance over alleged breaches of confidentiality related to their partnership in bringing the token to market.
The Grand Court of the Cayman Islands granted the injunction against Maple Finance completing its own liquid-staking token, syrupBTC, or from dealing in CORE tokens pending arbitration proceedings, Core Foundation announced on Wednesday.
Judge Jalil Asif said there is evidence supporting Core's claims that Maple were informed their actions "would have the effect of causing very significant commercial damage," to Core, according to a court document dated Oct. 30.
Core Foundation and Maple teamed up early this year to develop the token, which enables holders to earn yield on their bitcoin holdings while their BTC is secured by custodians like BitGo, Copper and Hex Trust.
The foundation claimed Maple breached its exclusivity obligations and misappropriated Core's intellectual property and confidential information to develop their own product while amassing $150 million in client assets through the lstBTC partnership.
Core also accused Maple of creating risk to lenders by declaring "impairments to the value of millions of dollars" of BTC deposits.
"It is unclear why Maple maintains that they are unable to return the bitcoin to their lenders at this time, or if they have the right to impair them," Core said in the announcement.
Maple described Core's actions as "directly against lender interests," in a post on X.
"Maple denies any allegations of wrongdoing on its part and will be pursuing all available remedies aggressively to ensure Core Foundation is held responsible for the consequences of their actions," the Melbourne, Australia-based credit marketplace said.
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