Swan Bitcoin Sues Former Execs for Alleged Collusion with Tether to Steal Bitcoin Mining Operation
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Swan Bitcoin took legal action this week against several former employees and a competitor, Proton Management. The company accused them of a deliberate attempt to undermine and seize its Bitcoin mining operations.
This ongoing legal dispute in the US District Court for the Central District of California underscores an alleged betrayal by individuals previously entrusted with the confidential aspects of Swan’s software and business connections.
The allegations paint a picture of corporate espionage where former Swan employees allegedly sabotaged the company from within. They allegedly stole critical software code and customer data. After resigning, they used this information to start a new company, Proton Management. Their goal was to compete directly with their former employer.
On X, Swan CEO Cory Klippsten said that the company’s mining operations have always been “separate and segregated.” He added that the latest news does not impact Swan’s primary business.
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