Swan Bitcoin claims that a former employee "stole" its mining business under the direction of Tether.

Bitcoin financial services company Swan Bitcoin has filed a lawsuit against former employees and consultants, accusing them of "stealing" its profitable Bitcoin mining business with the help of Tether, and establishing an "illegal imitation" company called Proton Management. Swan alleges that Tether, as a former financing partner, promised to invest while secretly plotting and encouraging employees to leave and set up competing businesses. This incident has led Swan to abandon its IPO plans and lay off approximately 45% of its staff. Swan is seeking a permanent injunction against the defendants and is pursuing compensatory and punitive damages. (CoinDesk)