The Grand Court of the Cayman Islands has granted an injunction against Maple finance after Core Foundation's accusations.
Author: Sahil Thakur
20th November 2025 – A legal storm is brewing between Maple Finance and the Core Foundation. The Grand Court of the Cayman Islands has granted an injunction against Maple, citing potential breaches in a partnership agreement around a liquid staked Bitcoin product. This comes just as Maple prepared to launch a rival token, syrupBTC.
In early 2025, Maple Finance and Core Foundation joined forces to create lstBTC, a liquid staking Bitcoin product targeting institutions. Core contributed capital, tech, and marketing support – along with confidential data. The deal included a 24-month exclusivity clause.
However, by mid-2025, Core says Maple violated that clause. The accusation? Maple allegedly used Core’s confidential resources to secretly build syrupBTC, a direct competitor. Core also claims Maple moved to impair millions in Bitcoin that should be held for lenders, further muddying the waters.
On November 19, 2025, the Cayman Islands court sided, at least partially with Core. Justice Jalil Asif KC ruled there was a “serious issue to be tried.” The court noted that financial damages alone wouldn’t be enough, especially if Maple launched syrupBTC or sold CORE tokens during the dispute.
As a result, the court issued an interim injunction:
This ruling effectively halts syrupBTC before it even hits the market.
Maple Finance quickly denied all allegations. In a November 20 post on X, the company stated the dispute applies only to the pilot phase of their Bitcoin yield project. Maple claims Core’s legal actions are harmful to lender interests and vowed to respond aggressively.
Meanwhile, Maple had already begun shifting its internal strategy. Earlier this month, the company ended SYRUP staking and moved to a revenue-sharing model. Now, 25% of protocol earnings go to a Syrup Strategic Fund – a treasury pool holding SYRUP, BTC, and stablecoins.
Despite the legal chaos, Maple’s core lending business remains intact. The platform still boasts over $1.6 billion in AUM and $7 billion+ in loan originations. SYRUP token is trading between $0.45–$0.47, up 12% in the past month.
The injunction marks a rare judicial crackdown in crypto partnerships. Some on X accused Maple of “stealing” Core’s IP and misusing community-driven assets. Core, in turn, has hinted at launching new BTC yield ventures, without Maple.
With legal proceedings ongoing, the crypto world watches closely. This clash between two major DeFi players raises questions about trust, exclusivity, and what happens when partnerships in Web3 break down.
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