Swan Bitcoin has filed a lawsuit against former employees for allegedly stealing software and creating a competing business.
Swan Bitcoin Company History
Swan Bitcoin was established in 2019 and offers financial services to investors. In 2023, the company launched Swan Mining, expanding its operations into the mining industry.
Allegations Against Former Employees
Swan Bitcoin claims that former employees stole thousands of confidential documents and proprietary mining monitoring software code before resigning in August. They are also accused of poaching employees and swaying business partners like Tether, a stablecoin issuer.
Swan Bitcoin's Demands
The company demands the return of stolen materials and a permanent injunction against Proton Management, the new company created by the former employees. Swan argues that these actions irreparably harm their business and are seeking the return of unauthorized taken materials.
The outcome of this litigation could set a precedent for resolving intellectual property conflicts in the cryptocurrency sector.
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