Core Foundation Secures Cayman Islands Injunction Against Maple Finance Over lstBTC Dispute
Maple Finance disputes Core Foundation’s BTC yield plan allegations, citing asset independence, as legal conflicts delay CORE token sales and partial lender repayments.
Maple Finance has rejected Core Foundation’s claims regarding its BTC yield plan and syrupBTC, asserting the assets are run separately through independent entities. Amid a drop in CORE token value and ongoing legal actions, Maple plans to liquidate its CORE holdings to protect lenders but is experiencing delays in the sale. The firm expects to return 85% of lender principal once legal disputes are resolved. This development follows Core Foundation securing a Cayman Islands injunction preventing Maple from progressing with syrupBTC or dealing in CORE tokens, linked to earlier allegations of exclusivity breaches and misuse of confidential data from their lstBTC partnership. Maple denies any wrongdoing and intends to defend its position.
- lstBTC: A yield-bearing Bitcoin token that allows holders to earn returns while BTC is secured by custodial services.
- Liquid-Staking Token: A cryptocurrency that represents staked assets and can be traded or used while still earning staking rewards.
- CORE tokens: Digital tokens associated with the Core blockchain ecosystem, used for network transactions and governance.