Swan Bitcoin Claims Ex-Employees 'Stole' its Mining Business at Tether’s Direction
Swan Bitcoin has filed a lawsuit against six former employees and consultants, accusing them of executing a plan to steal its bitcoin mining business with assistance from Tether. The lawsuit claims the defendants misappropriated trade secrets, including proprietary code and financial models, to establish a competing operation named Proton Management. The alleged scheme culminated in a mass resignation on August 8, 2023. Tether, although not named as a defendant, is accused of facilitating the defendants' actions and undermining Swan's business. Following the turmoil, Swan abandoned its IPO plans, laid off 45% of its staff, and saw its valuation drop significantly. The lawsuit seeks injunctions and damages against the defendants and Proton. Tether denies any wrongdoing and maintains its commitment to its business operations.
