Tether Sues Swan Bitcoin for Violating Bitcoin Mining Agreement
Date: 2025-01-16 Author: Gabriel Deangelo Categories: BUSINESS
Tether issued a statement that it strictly complied with all terms of the agreement throughout the entire period of cooperation.
“Unlike us, Swan Bitcoin showed negligence, which led to serious violations of the terms of the agreement. We were forced to take action to protect our interests,” the company noted.
The partnership between Tether and Swan Bitcoin began in 2022 with the creation of a joint venture, 2040 Energy, the purpose of which was to mine Bitcoin. According to the agreements, Tether provided financial support, and Swan handled operational issues.
However, in September 2024, Swan Bitcoin filed charges against former employees of the mining division. They are alleged to have stolen confidential information to create a competing company, Proton Management.
Swan Bitcoin claimed that Proton Management allegedly convinced Tether to end its partnership with Swan and start funding a new project. Moreover, Swan accuses Tether of facilitating an attempt to squeeze its stake out of the partnership.
For its part, Tether denies the allegations, stating that they are baseless and do not correspond to reality.
It is worth noting that, according to Tether, by October 2024, the number of owners of their stablecoin USDT reached 109 million, which is close to the number of Ethereum users - 128 million.
