“Stablecoin issuer Tether has filed a lawsuit against financial crypto company Swan Bitcoin, alleging “material breach” of its bitcoin mining pool agreements. This is reported by Cointelegraph. In 2022, the partners created a joint venture called 2040 Energy to mine cryptocurrency. As part of the collaboration, Tether provided the funding and Swan took over the operations. In September 2024, the latter accused ex-employees of its mining division of stealing confidential information […]”, — write: businessua.com.ua
Stablecoin issuer Tether has filed a lawsuit against financial crypto company Swan Bitcoin, alleging “material breach” of its bitcoin mining pool agreements. About this is reported by Cointelegraph.
In 2022, the partners created SP called 2040 Energy for cryptocurrency mining. As part of the collaboration, Tether provided the funding and Swan took over the operations.
In September 2024, the latter accused ex-employees of its mining unit of stealing confidential information to create a rival company, Proton Management.
Former head of business Michael Holmes and investment director Raphael Zagouri, who founded Proton, allegedly convinced Tether to cut ties with Swan and provide them with support.
According to the statement, the new company officially took over administrative functions in the mining JV back in August. According to Swan, the stablecoin issuer facilitated a “hostile takeover” of its stake.
Tether stated that throughout the entire joint work, the agreements were faithfully followed.
“On the contrary, Swan acted recklessly and her actions resulted in material breaches of the agreements between us. Therefore, we were forced to take the necessary measures to protect our investment,” the company representative added.
In January 2024, Swan reported that its quietly launched mining unit had mined 750 BTC in about six months. The declared hashrate at that time was 4.5 EH/s — about 1% of the global network indicator. In the near future, it was planned to increase the power to 8 EH/s.
We will remind you that in July, the founder and CEO of the company, Cory Klipsten, announced the closure of the first cryptocurrency mining business.
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