Key Takeaways
- Swan Bitcoin alleges that former employees stole proprietary software to start a rival company, Proton Management.
- The ex-staff allegedly convinced Tether to sever its partnership with Swan and work with Proton instead.
- Swan is seeking legal action to stop Proton from further damaging its business and recover stolen materials.
Swan Bitcoin Alleges Theft of Proprietary Mining Code
Swan Bitcoin has accused former employees of stealing confidential software code from its mining business.
The ex-staff members allegedly used this stolen code to establish a competing company called Proton Management.
Swan claims that this breach of trust aimed to irreparably damage its position in the Bitcoin mining market.
Tether’s Alleged Role in Supporting the Competitor
The lawsuit suggests that Proton Management convinced Tether, one of Swan’s funding partners, to sever ties with Swan.
Swan claims that it was blindsided when Tether announced it would replace Swan with Proton in a joint mining venture.
The filing claims Tether was providing ‘legal cover’ for Proton’s hostile takeover.
Swan Seeks Legal Remedies to Protect Its Business
Swan is asking the court for a permanent injunction to prevent Proton from further disrupting its operations.
The company is also demanding the return of stolen equipment and confidential materials.
Swan has requested a jury trial, with damages to be determined at trial.
