Tether, a company responsible for stablecoins, has taken legal action against Swan Bitcoin in the High Court located in England and Wales.
2040 Energy, along with its partner Tether, has filed a lawsuit claiming that Swan breached the terms of their Bitcoin mining partnership. They argue that Swan’s actions have infringed upon the contractual obligations, leading them to take legal action in order to safeguard their investment.
As a researcher, I’ve come across a report by Blockspace where Tether claims they’ve met their responsibilities while alleging misbehavior on Swan’s part. In response to the lawsuit, Swan has chosen not to offer specific comments but has committed to robustly defend their stance.
In the role of an analyst, I’d rephrase it as follows: I find myself engaged in a legal battle that escalated recently, stemming from a dispute initiated back in September. At that time, Swan brought a lawsuit against former mining personnel and contractors, alleging they misappropriated confidential business information to establish Proton Management.
The ongoing legal matter in the UK doesn’t specifically involve Tether, but since Tether is a major player in the stablecoin market, its connection to this case suggests growing tension between the companies, as per the report.
Tether’s Bitcoin mining venture
2040 Energy, a mining partnership launched in 2022 with Tether (USDT) owning 80% and Swan having 20%, lies at the core of the ongoing disagreement.
According to court documents and investor resources, Swan’s income was contingent on the venture recovering all the original investments made by Tether, in other words, earning back every penny initially invested.
Previously, Swan referred to the employee walkout as a “business takeover,” implying a secret plot to gain control over the company’s mining activities. Now, Tether’s legal action adds fuel to doubts about the leadership of this venture and Swan’s position in contracts.
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2025-01-16 17:45