Swan Sues Former Employees and Tether Over Alleged Theft of Bitcoin Mining Business

On September 27, COINOTAG reported that Swan, a prominent Bitcoin company, has initiated legal proceedings in the Federal District Court for the Central District of California. The lawsuit targets former employees, including ex-executives, alleging that they colluded with Tether in an attempt to usurp Swan’s multi-billion dollar Bitcoin mining operation. Swan’s legal claim asserts that these employees absconded with critical proprietary Bitcoin mining monitoring software code, along with supplier and business partner details, collectively resigning to launch a competing firm named Proton Management. The complaint highlights Tether’s significant involvement, stating that it furnished a “breach of contract notice” to Swan, effectively providing “legal cover” for the hostile takeover. Swan seeks a permanent injunction against Proton, aiming to halt further disruptions to their mining enterprise, and demands the return of purloined equipment and confidential materials. A jury trial has been requested to quantify the financial damages.