Core Foundation claims Maple misused confidential data: court says ‘serious issue that must be tried’

Maple denies any wrongdoing, but says it plans to aggressively pursue available legal remedies to ensure Core is held accountable.

Core Foundation has issued a detailed statement commenting on its dispute with Maple Finance after the Grand Court of the Cayman Islands issued an injunction against Maple for alleged breaches of commercial agreements relating to the development of lstBTC, a Core-powered liquid stake Bitcoin token.

The order was granted after the Court determined that there was a “serious issue to be tried” regarding Maple’s alleged misuse of confidential information from the Core Foundation and breach of a 24-month exclusivity clause. Under the order, Maple is prohibited from launching or promoting syrupBTC, the allegedly competing product, and from trading in CORE tokens without prior written consent pending arbitration.

Partnership gone wrong

According to Core Foundation, the partnership began in early 2025 and both parties worked together on lstBTC, a Bitcoin yield product designed to keep BTC safely held at companies like BitGo. Core said it invested significant financial and technical resources in development, marketing and grants, noting that the public launch of the partnership at Consensus Hong Kong in February 2025 was well received.

At the time, Maple Finance reportedly managed less than $500 million in assets, and Core stated that early revenue and traction from the Bitcoin Yield product as of April 2025 contributed to Maple’s rapid growth. Core alleged that Maple began using its confidential information and work product in mid-2025 while simultaneously accepting funds from Core to develop syrup BTC, which it considers a directly competitive product in violation of exclusivity.

In a judgment dated September 26 and published on October 30 this year, Judge Jalil Asif KC ruled that damages would not be an adequate remedy due to the risk that Maple would trade or divest CORE tokens and the potential advantage Maple would gain by launching its competitive offering.

Core Foundation also stated that Maple had contributed more than $150 million worth of Bitcoin into the early OTC version of the yield product, and that, based on Maple’s statements, the Bitcoin was expected to be held in fully segregated, bankrupt-off portfolios at reputable custodians.

It added that the BTC Yield product included CORE price protections through third-party put options, and that it had paid out millions of dollars in these protections until Maple’s alleged breaches, at which point Core sought the injunction and terminated the agreements. Core Foundation said Maple has since indicated it must declare an impairment impact on Bitcoin lenders, but Core said it is unclear why Maple cannot return the Bitcoin or whether Maple has the right to damage it, citing that the assets were held with accredited custodians.

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Core described Maple’s position as concerning and said it is taking legal action.

Answer

In response, Maple Finance said it “firmly defends the rights of lenders” and stressed there is no impact on its wider business operations. The on-chain asset manager denied any wrongdoing and tweeted,

“Core Foundation’s actions are directly contrary to the interests of the lenders. Maple denies any allegations of wrongdoing on its part and will aggressively pursue all available legal remedies to ensure that Core Foundation is held accountable for the consequences of their actions.”