Tether has filed a lawsuit against Swan Bitcoin, alleging significant breaches in their agreements. Tether, alongside 2040 Energy, claims it acted in good faith while Swan acted recklessly, leading to breaches. The dispute escalates a legal battle between the firms following the establishment of their joint venture, 2040 Energy, in 2022, where Tether provided funding and Swan managed operations. Swan Bitcoin accused former employees of secretly forming a rival company, Proton Management, which Swan alleges used its trade secrets to compete unfairly. This led to allegations of a hostile takeover of 2040 Energy, claiming Tether backed Proton instead. In a related matter, Swan Bitcoin has also sued its law firm for malpractice, alleging it neglected their case after taking Tether on as a client. Tether has denied wrongdoing, asserting it acted within its contractual rights. Swan Bitcoin’s CEO described the situation as a betrayal that has damaged its business.

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