Maple Finance has been barred from launching its syrupBTC product due to a ban by the "Core Foundation", the organisation behind the Bitcoin-secured Core blockchain. The foundation has accused Maple of breaching confidentiality and exclusivity agreements in their collaboration on Bitcoin earnings.
"The Grand Court of the Cayman Islands has granted an injunction against entities related to Maple Finance, finding that Maple may be in serious breach of contract in its commercial agreement with the Core Foundation to develop lstBTC, a Core-backed Bitcoin liquid staking token, which needs to be brought to trial," the Core Foundation said in an X post on November 19.
The Core Foundation has accused Maple of misusing confidential information and breaching exclusivity clauses in its agreements to develop competing products, and has questioned Maple's right to declare "impairment" on millions of dollars in Bitcoin held in trust by the lender of the "Bitcoin Yield product."
Core Foundation issues ban, Maple Finance is banned from launching syrupBTC tokens
2025-11-20 07:31:19
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