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

Swan Bitcoin, a financial services company focused on Bitcoin, 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 billion-dollar Bitcoin mining business. Swan Bitcoin claims that these former employees took highly proprietary Bitcoin mining monitoring software code, resources from suppliers, and business partners, and collectively resigned to establish a competing company called Proton Management. Tether played a significant role in this conspiracy by sending Swan a "notice of default" to provide "legal cover" for the intentional acquisition. Swan is seeking a permanent injunction from the court against Proton Management to prevent further interference with Swan's mining operations and is demanding the return of stolen equipment and "confidential materials" from the former employees.