Bitcoin Company Swan Sues Former Employees And Tether Over Alleged Theft

According to BlockBeats, on September 27, Bitcoin company Swan filed a lawsuit in the Central District of California Federal Court, accusing former employees, including ex-executives, of conspiring with Tether to steal its multi-billion dollar Bitcoin mining business. Swan alleges that these former employees misappropriated the company's highly proprietary Bitcoin mining monitoring software code, vendor and business partner resources, and collectively resigned to establish a competing company named Proton Management. The lawsuit claims that Tether played a significant role in this conspiracy by issuing a 'breach notice' to Swan, providing 'legal cover' for this hostile takeover. Swan is seeking a permanent injunction from the court to prevent Proton from further interfering with its mining operations and demands the return of stolen equipment and 'confidential materials' by the former employees. Swan has requested a jury trial, with the specific amount of damages to be determined during the trial.