The Core Foundation won an injunction against Maple Finance for alleged confidentiality violations
The Core Foundation, the creator of the yield-bearing token LSTBTC, has won an injunction against Maple Finance for alleged confidentiality violations related to their collaboration in bringing the token to market.
The Grand Court of the Cayman Islands has issued an injunction against Maple Finance completing its own token-staking token, syrupbtc, or from dealing in major tokens pending arbitration proceedings, The Core Foundation announced on Wednesday.
Judge Jalil Asif said there was evidence to support Core’s claims that Maple had been informed their actions “would have the effect of causing significant commercial damage,” to Core, According to a court document Dated October 30.
Core Foundation and Maple Went early this year To generate the token, which allows the holders to earn on their bitcoin Holdings while their BTC are secured by custodians like Bitgo, copper and Hex Trust.
The Foundation claimed Maple breached its exclusive obligations and misappropriated Core’s intellectual property and confidential information to develop their own product while pooling $150 million in client assets through the LSTBTC partnership.
Core also accused Maple of creating risk to lenders by declaring “millions of dollars worth of impairments” of BTC deposits.
“It is not clear why Maple maintains that they cannot return the Bitcoin to their lenders at this time, or if they have the right to forfeit them,” Core said in the announcement.
Maple described Core’s actions as “directly against the lender’s interests,” in a post on x.
“Maple denies any allegations of wrongdoing on its part and is pursuing all available remedies aggressively to ensure that the main foundation is held responsible for the consequences of their actions,” said the Melbourne, Australia-based credit market.
