Tether has filed a lawsuit against Swan Bitcoin, alleging breaches of contract concerning their joint Bitcoin mining project, 2040 Energy.
New Allegations in Tether vs Swan Bitcoin Case
Tether, alongside its co-claimant 2040 Energy Limited, has filed a lawsuit against Swan Bitcoin, accusing it of breaching agreements. Tether claims to have fulfilled its obligations, while accusing Swan of misconduct. Swan, acknowledging the lawsuit, declined to provide detailed comments but promised to 'vigorously defend' its position.
2040 Energy Joint Venture Controversy
At the heart of the dispute is the joint venture 2040 Energy, established in 2022, in which Tether holds an 80% stake and Swan retains 20%. Swan's earnings were tied to the venture recouping all initial investments made by Tether, as outlined in court filings and investor documents. Swan previously described the employee walkout as a 'corporate coup,' alleging a conspiracy to seize control of its mining operations. Tether's lawsuit raises further questions about the venture's management and Swan’s contractual standing.
Background of the Companies' Dispute
This lawsuit represents a new escalation in a legal dispute that began in September when Swan sued former mining employees and contractors, accusing them of stealing business information to form a rival firm Proton Management. While that lawsuit did not name Tether, the stablecoin giant’s involvement in the UK case suggests deeper friction between the firms.
Tether's lawsuit against Swan Bitcoin underscores the seriousness of the dispute surrounding management and contractual obligations in their 2040 Energy venture, highlighting increasing tensions between the companies.
