Crypto Clash: Core Blocks Maple’s BTC Bet 🍁⚖️

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The Dramatic Highlights

  • A Cayman Islands court, ever the drama queen, has halted Maple’s syrupBTC launch, citing Core’s claims of breaching lstBTC ties, misusing confidential data, and risking lenders’ Bitcoin with the flair of a Shakespearean tragedy. 🍯⚖️
  • Core insists Maple used partnership funds and support while crafting a rival product, raising eyebrows over exclusivity and unfair advantage. A most inconvenient betrayal, if you’ll pardon the metaphor. 🤝💥
  • Despite Maple’s protests, Core questions why lenders’ Bitcoin can’t be returned, highlighting risks tied to asset segregation and earlier assurances. A tale as old as time, but with more blockchain. 🧠💸

A growing rift between Core Foundation and Maple Finance has reached a crescendo, as a Cayman Islands court blocked Maple’s syrupBTC rollout. Core argues that Maple broke their agreement on lstBTC, the Bitcoin yield product they once cherished. 🎭

The court stepped in as the two companies continued their dance of clashing over confidential info, exclusivity terms, and who should control the next act. 🎭

– Core DAO 🔶 (@Coredao_Org) November 19, 2025

Core Foundation claims Maple used its confidential data while still accepting money and technical support under the partnership. The judge also noted that the agreement helped Maple rake in over $150 million in client Bitcoin earlier this year. A most lucrative misunderstanding. 💰

The judge warned that Maple could gain an unfair head start by moving ahead with a competing product. Hence, the order bars Maple from launching or promoting syrupBTC and limits handling of CORE tokens unless Core signs off. A strict curtain call, if you will. 🎬

Partnership Context and Growth Phase

Core Foundation says the partnership began in early 2025 with a simple plan: build lstBTC, a liquid staked Bitcoin product relying on custodians like BitGo. Core added that it poured money, engineering support, and outreach into the project. The collaboration drew applause when unveiled at Consensus Hong Kong in February 2025. A most promising début. 🎉

Maple managed under $500 million in assets at the time. However, the early Bitcoin yield offering triggered rapid growth. Core claims Maple benefited from strong revenue traction once the program started in April 2025. The success demonstrated market demand for a Core-powered BTC yield product. Core now believes this momentum encouraged Maple to develop a rival. A most unseemly rivalry. 🤬

Dispute Over Confidential Information and Exclusivity

Tensions escalated by mid-2025, when Core alleged Maple started developing syrupBTC using confidential info and work product from lstBTC. Core also argued Maple violated a 24-month exclusivity agreement. A most unfortunate breach of trust. 🤝

Justice Jalil Asif KC determined the allegations raised serious issues. The court stated damages wouldn’t suffice. Hence, the judge noted the risk of Maple dealing in CORE tokens and the competitive advantage of an early syrupBTC launch. Hence, the injunction placed strict limits on Maple’s actions. A most theatrical intervention. 🎭

Lender Exposure Questions

The issue widened after Maple informed lenders about possible impairments. Core claimed Maple previously assured Bitcoin sat in bankruptcy-remote portfolios at licensed custodians. The assets should remain segregated and protected. Core added that the design relied on hedging tools, including put options, to shield lender positions. A most elaborate safety net. 🧵

Core doesn’t understand why Maple now claims it can’t return Bitcoin to lenders. The group called Maple’s move “concerning” and said it contradicts earlier assurances. A most perplexing twist. 🤔

Maple responded with a public statement: “Maple Finance stands firmly in defense of lender rights and confirms there is no impact to our broader business operations.” Maple added, “Core’s actions are directly against lender interests.” A most spirited defense. 🎤

Maple Finance stands firmly in defense of lender rights and confirms there is no impact to our broader business operations as a result of the recent Core Foundation statement. The dispute is strictly limited to the pilot program conducted in partnership with Core Foundation for…

– Maple (@maplefinance) November 19, 2025

This dispute shows how easily things can go wrong behind the scenes in crypto yield products. It also reminds people that legal and custody decisions can directly affect their assets. A most cautionary tale. 🚨

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2025-11-20 11:28