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 former employees of conspiring 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 vendors 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 sending Swan a notice of default, 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 the return of stolen equipment and confidential materials from the former employees. Swan has requested a jury trial, with specific damages to be determined during the trial.