Key Takeaways
- Tether files a lawsuit in the High Court of England and Wales, contending that Swan Bitcoin has acted recklessly, resulting in a serious breach of their existing agreements and escalating the ongoing legal dispute.
- This dispute centers on the bitcoin mining venture 2040 Energy, which is primarily funded and 80% owned by Tether, while Swan holds a 20% stake and waits for full capital repayment before sharing profits.
- Cross-jurisdictional conflicts emerge as Tether’s legal action coincides with Swan’s previous lawsuit against former employees, highlighting an increasingly intense struggle over control of the valuable bitcoin mining business.
Tether’s Lawsuit and Allegations
In the High Court of England and Wales, Tether and 2040 Energy Limited have sued Swan Bitcoin for allegedly breaching agreements related to their Bitcoin mining venture.
Throughout our relationship with Swan, Tether has consistently acted in good faith, supported mutual business objectives, and adhered to all relevant agreements, it is claimed.
Conversely, Swan has acted recklessly, and their actions have resulted in significant breaches of the agreements between us.
Swan’s Response and Prior Actions
Swan Bitcoin confirmed receipt of Tether’s lawsuit but declined extensive comment to reporting outlet, Blockspace, beyond stating its intent to defend itself vigorously.
In September, Swan litigated against former employees and contractors, accusing them of stealing Bitcoin mining business information and breaching contracts.
Details of the Bitcoin Mining Joint Venture
The dispute centers on 2040 Energy, which was initiated in 2022 as a collaboration with Tether holding 80 percent and Swan holding 20 percent.
Swan alleges that key personnel left to form Proton Management, taking proprietary information and control of the bitcoin mining assets while Tether financed the entire venture.
