{"id":20352,"date":"2025-01-15T16:19:48","date_gmt":"2025-01-15T14:19:48","guid":{"rendered":"https:\/\/forklog.com\/en\/tether-sues-swan-bitcoin-over-bitcoin-mining-venture\/"},"modified":"2025-01-15T16:19:48","modified_gmt":"2025-01-15T14:19:48","slug":"tether-sues-swan-bitcoin-over-bitcoin-mining-venture","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/tether-sues-swan-bitcoin-over-bitcoin-mining-venture\/","title":{"rendered":"Tether sues Swan Bitcoin over bitcoin-mining venture"},"content":{"rendered":"<p>Stablecoin issuer Tether has filed a lawsuit against crypto finance firm Swan Bitcoin, alleging a \u201cmaterial breach\u201d of agreements for a joint bitcoin-mining venture, <a href=\"https:\/\/cointelegraph.com\/news\/tether-sues-swan-bitcoin-mining-dispute\">Cointelegraph<\/a> reported.<\/p>\n<p>In 2022 the partners formed a <span data-descr=\"joint venture\" class=\"old_tooltip\">JV<\/span> called 2040 Energy to mine cryptocurrency. Under the arrangement, Tether provided financing and Swan handled operations.<\/p>\n<p>In September 2024 the latter accused former employees of its mining division of stealing confidential information to create a rival firm, Proton Management.<\/p>\n<p>Proton\u2019s founders \u2014 former head of business Michael Holmes and chief investment officer Rafael Zagury \u2014 allegedly persuaded Tether to sever ties with Swan and support them.<\/p>\n<p>According to the filing, back in August the new company formally took over administrative functions in the mining JV. Swan claims the stablecoin issuer facilitated a \u201chostile takeover\u201d of its stake.<\/p>\n<p>Tether said it had acted in good faith throughout the partnership.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cOn the contrary, Swan acted recklessly, and its actions resulted in material breaches of the agreements between us. Consequently, we were forced to take necessary measures to protect our investments,\u201d a company representative added.<\/p>\n<\/blockquote>\n<p>In January 2024 Swan <a href=\"https:\/\/forklog.com\/en\/news\/swan-bitcoin-unveils-mining-of-750-btc\">said<\/a> that over roughly six months its quietly launched mining unit had produced 750 BTC. The stated hashrate at the time was 4.5 EH\/s \u2014 about 1% of the network\u2019s global figure. It planned to increase capacity to 8 EH\/s.<\/p>\n<p>In July, the firm\u2019s founder and CEO, Cory Klippsten, <a href=\"https:\/\/forklog.com\/en\/news\/swan-bitcoin-to-cease-bitcoin-mining-operations\">said<\/a> it would shut down its bitcoin-mining business.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Stablecoin issuer Tether has filed a lawsuit against crypto finance firm Swan Bitcoin, alleging a \u201cmaterial breach\u201d of agreements for a joint bitcoin-mining venture, Cointelegraph reported. In 2022 the partners formed a JV called 2040 Energy to mine cryptocurrency. Under the arrangement, Tether provided financing and Swan handled operations. In September 2024 the latter accused [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":20351,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1162,1245],"class_list":["post-20352","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-court-cases","tag-tether-usdt"],"aioseo_notices":[],"amp_enabled":true,"views":"35","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/20352","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=20352"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/20352\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/20351"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=20352"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=20352"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=20352"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}