Core Foundation announced on Wednesday that the Grand Court of the Cayman Islands granted an injunction against crypto lending platform Maple Finance, citing alleged breaches of their commercial agreement. The injunction blocks Maple from launching a competing bitcoin yield product and restricts its dealings involving Core’s native token while arbitration proceeds.

The dispute stems from a partnership formed in early 2025 to develop lstBTC, a product allowing investors to earn yield on bitcoin while keeping it in custody. Core Foundation claims it invested heavily in the technical development, marketing, and subsidies for the product, which experienced "explosive growth" after its April launch.

Core alleges that Maple began misusing confidential information to develop a rival product, syrupBTC, while still benefiting from Core’s capital and resources, violating a 24-month exclusivity clause. According to Core, Maple also created lender risk by declaring impairments on millions of dollars in deposited bitcoin after Core stopped certain price-protection payments.

Maple Finance responded by denying wrongdoing, stating that its broader business remains functional and promising to pursue remedies to hold Core accountable.

Justice Jalil Asif KC found that there was a "serious issue to be tried," noting that damages alone would not be adequate due to the risk of Maple dealing in CORE tokens and gaining a head start with a competing product. The injunction ensures Maple cannot proceed with syrupBTC or misuse Core’s resources during arbitration.

This case highlights ongoing tensions in the crypto lending space over intellectual property, exclusivity agreements, and lender protections.