Swan Bitcoin accuses former employee of colluding with Tether to steal its billion-dollar Bitcoin mining business

According to ChainCatcher news, as reported by Decrypt, Bitcoin company Swan has filed a lawsuit in the U.S. District Court for the Central District of California, accusing its former employees (including former executives) of colluding with Tether to steal its Bitcoin mining business worth billions of dollars. Swan claims that these former employees stole 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 alleges that Tether played a significant role in this conspiracy by sending Swan a "default notice," providing "legal cover" for this hostile takeover. Swan is seeking a permanent injunction from the court against Proton to prevent further interference with Swan's mining operations and is demanding that the former employees return the stolen equipment and "confidential materials." Swan has requested a jury trial, with the specific amount of damages to be determined at trial.