A major legal showdown in the crypto world has taken a sharp turn after the Grand Court of the Cayman Islands granted Core Foundation an injunction blocking Maple Finance from launching syrupBTC, its upcoming Bitcoin yield product.
The ruling marks a significant escalation in a dispute centered on allegations of breached confidentiality, violated exclusivity agreements, and improper handling of lender assets.
According to filings, Core invested heavily in technical development, ecosystem support, and go-to-market efforts, helping Maple attract more than $150 million in Bitcoin from clients earlier this year.
Core claims that from mid-2025, Maple began building a competing offering, syrupBTC, while still drawing on Core’s funding, engineering resources, and proprietary insights. The two were bound by a 24-month exclusivity clause, which Core says Maple knowingly violated.
Justice Jalil Asif KC determined that there are “serious issues to be tried,” ruling that financial damages alone would be insufficient. The judge highlighted two key risks, Maple potentially shedding or dealing in CORE tokens and the competitive head start it would gain by launching syrupBTC ahead of arbitration.
As a result, Maple is now prohibited from launching or promoting the product and from handling CORE tokens without written approval from Core Foundation.
The conflict intensified after Maple informed lenders of potential impairments affecting millions of dollars in Bitcoin held through the existing Bitcoin Yield program.
Core Foundation disputes Maple’s claim, noting that Maple previously assured lenders funds were held in bankruptcy-remote structures with licensed custodians, meaning assets should have remained segregated and fully retrievable.
Core argues the impairment announcement contradicts those assurances and raises broader concerns about Maple’s asset management practices. Maple, however, denies all allegations, insisting the dispute affects only a pilot program and asserting that its wider operations remain unaffected.
As liquid staking and tokenized Bitcoin products become more competitive, the injunction sets a powerful precedent on enforcing exclusivity, protecting intellectual property, and clarifying legal obligations within decentralized finance.
With arbitration still ahead, the outcome could reshape how future crypto collaborations are negotiated, and how far courts will go to protect shared innovation.
Cover image from ChatGPT, BTCUSD chart from Tradingview
