Swan Bitcoin's lawsuit alleges that former employees executed a plan to steal trade secrets and create a rival operation called Proton Management, with Tether's complicity.
The lawsuit's timeline indicates that after two months of strategic planning and theft, the former employees resigned en masse to launch the competing business, taking Swan's proprietary methods.
Swan's legal action also raises serious concerns about Tether's role, as an advisor purportedly engaged in covert dealings that undermined Swan while presenting a facade of support.
Despite initial collaboration and funding commitments from Tether, the lawsuit portrays the firm as having a dual agenda that ultimately sought to hijack Swan's mining operation.
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