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

Bitcoin company Swan has filed a lawsuit in the U.S. District Court for the Central District of California, accusing its former employees of colluding with Tether to steal its multi-billion dollar Bitcoin mining business. Swan claims that these former employees stole the company's highly proprietary Bitcoin mining monitoring software code, resources from suppliers and business partners, and collectively resigned to establish a competing company named Proton Management. The lawsuit alleges that Tether played a significant role in this conspiracy by issuing a "default 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 Swan's mining operations and is requesting the return of stolen equipment and "confidential materials" from the former employees. Swan has requested a jury trial, with the specific amount of damages to be determined during the trial.