Core Foundation secures injunction blocking Maple Finance’s rival bitcoin yield product
Core Foundation obtained a Cayman Islands injunction stopping Maple Finance from launching a competing bitcoin yield product.Summary
Core Foundation announced that the Grand Court of the Cayman Islands granted an injunction against crypto lending platform Maple Finance over alleged breaches of a commercial agreement concerning their joint product, lstBTC.
The injunction prevents Maple from launching a rival bitcoin yield product, syrupBTC, and restricts its dealings with Core's native token pending arbitration. Core alleged that Maple misused confidential information and violated a 24-month exclusivity clause by developing syrupBTC after benefiting from Core's significant investment in lstBTC. Maple Finance denied wrongdoing, stating Core's actions harm lenders, and vowed to aggressively pursue remedies.
The court found a "serious issue to be tried" regarding Maple's alleged misuse of classified information and breach of exclusivity, determining that damages alone would be inadequate due to the risk of Maple trading CORE tokens and gaining a head start with a competing product.
(Source：The Block)