Swan Bitcoin Accuses Ex-Employees and Tether in Bold Mining Heist Conspiracy

Swan Bitcoin's Bold Allegations

Swan Bitcoin has filed a lawsuit alleging that former employees, including high-ranking executives, colluded to execute a 'rain and hellfire' plan aimed at seizing control of its Bitcoin mining business. The lawsuit, lodged in the U.S. District Court for the Central District of California, claims these ex-employees conspired to create a rival firm named Proton Management, effectively stealing Swan's 'crown jewels'.

Allegations Against Tether

The complaint further implicates Tether, the leading cryptocurrency stablecoin issuer, suggesting that they played a pivotal role in this alleged conspiracy. According to Swan, the former employees not only purloined highly proprietary code from its Bitcoin mining software but also unlawfully acquired its vendors and partners.

A Brazen Theft

Swan's lawyers have stated that the evidence of this brazen theft is overwhelming, highlighting that the former employees were stealing the very foundation of Swan's Bitcoin mining operations. The lawsuit details that Proton's team solicited Swan’s mining staff and attempted to leverage Tether as their financing partner to undermine Swan's competitive position in the market.

Legal Actions and Demands

In a striking turn, just four days post-resignation of key personnel, including former Chief Investment Officer Raphael Zagury, Tether allegedly notified Swan that Proton would be taking over day-to-day management of their joint Bitcoin mining venture.

Swan is seeking a permanent injunction against Proton to stop any further disruption to its operations and is demanding the return of stolen equipment and confidential materials. The company is also pursuing a jury trial to establish damages at trial.

This story is still developing, and updates will be provided as more information becomes available.