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Tether Files Lawsuit Against Swan Bitcoin Over Alleged Breaches of Contract
Global cryptocurrency issuer Tether has initiated a lawsuit against Swan Bitcoin in the High Court of England and Wales, citing breaches of contract related to their joint Bitcoin mining venture, 2040 Energy. The lawsuit, filed alongside co-claimant 2040 Energy Limited, asserts that Swan’s actions have violated their agreements, prompting Tether to take legal action to protect its investment.
Background of the Dispute
The dispute stems from a joint venture established in 2022, where Tether holds an 80% stake in 2040 Energy, and Swan retains 20%. The agreement tied Swan’s earnings to the venture recouping all initial investments made by Tether. However, the relationship between the two parties has been strained since September, when Swan sued former mining employees and contractors, accusing them of stealing proprietary business information to form Proton Management.
The lawsuit did not initially name Tether, but the stablecoin giant’s involvement in the UK case signals deeper friction between the firms. Tether claims that it has fulfilled its obligations, while accusing Swan of misconduct. In response, Swan acknowledged the lawsuit and pledged to “vigorously defend” its position.
Key Points of the Dispute
- Tether holds an 80% stake in 2040 Energy, with Swan retaining 20%.
- Swan’s earnings were tied to the venture recouping all initial investments made by Tether.
- The dispute began in September when Swan sued former mining employees and contractors.
- Tether’s lawsuit raises additional questions about the venture’s management and Swan’s contractual standing.
Tether’s decision to file a lawsuit against Swan Bitcoin marks a new escalation in the legal dispute. As the situation unfolds, it will be essential to monitor the developments and their potential impact on the cryptocurrency market.
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