Swan Bitcoin lawsuit targets former executives, implicates Tether
Swan Bitcoin has filed a lawsuit against Proton Management, a bitcoin mining firm made up of former Swan consultants, claiming that these executives “hatched and executed a ‘rain and hellfire’ plan to steal Swan’s” mining business. Specifically, the suit alleges that several consultants who were a part of Swan’s Bitcoin mining operation allegedly planned to misappropriate Swan’s intellectual property to operate a “copycat company” that was also funded by Tether. The lawsuit includes an email that appears to show a discussion about how best to execute the exit and says, “Tether needs to send default notice.” Screenshot from the lawsuit . The Timeline According to the lawsuit, in June 2023, Swan Bitcoin CEO Cory Klippsten learned of a bitcoin mine in Australia that was trying to raise funding. He apparently discussed this opportunity with Giancarlo Devasini, the CFO of both Bitfinex and Tether, and the two agreed to ...