Tether Sues Swan Bitcoin Over Alleged Breach in Bitcoin Mining Partnership
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Tether has filed a lawsuit against Swan Bitcoin, accusing the company of breaching agreements tied to their joint Bitcoin mining venture, 2040 Energy.
The legal battle, confirmed by Tether and co-claimant 2040 Energy, has escalated tensions between the two companies as accusations of misconduct and corporate sabotage come to light.
The partnership, established in 2022, involved Tether funding the operations while Swan oversaw day-to-day management. However, the collaboration soured after Swan alleged that former employees from its mining division used proprietary information to establish a competing firm, Proton Management. This rival company reportedly gained Tether’s support, leading to Swan’s removal from the venture.
Swan claims key individuals orchestrated the scheme to sabotage its operations, ultimately securing Tether’s backing for Proton. Tether, meanwhile, denies any wrongdoing, asserting that it acted within its contractual rights.
Swan has also accused Tether of facilitating what it describes as a hostile takeover of its mining operations. These allegations include the removal of Swan’s CEO, Cory Klippsten, from his leadership role at 2040 Energy and the transfer of operational control to Proton.
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