Swan Bitcoin is suing ex-staff for allegedly stealing proprietary code to start their own mining venture in a scheme called "rain and hellfire." These ex-executives persuaded Tether to sever ties with Swan, increasing competition in the cryptocurrency market. Swan is now seeking legal action to recover stolen assets and confidential information.

Swan Bitcoin has initiated legal action, accusing its former employees, alongside Tether, of attempting to take over its mining business. Allegations include data theft, staff poaching, and the misuse of business relationships to damage the firm’s operations. Swan seeks damages and an injunction to prevent further interference.

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