Tether has filed a lawsuit against Swan Bitcoin, claiming significant breaches in their joint Bitcoin mining venture agreement. Tether, alongside co-claimant 2040 Energy, states that it has acted in good faith while Swan has recklessly violated their agreements. This legal action escalates tensions between the two firms, which established 2040 Energy in 2022, where Tether provided funding and Swan managed operations. Swan claims that former employees, who founded a competing company, Proton Management, sabotaged the joint venture. According to Swan's allegations, Tether has facilitated a hostile takeover of its mining operations by backing Proton instead. Tether refutes any wrongdoing, asserting its actions are in line with their contract. Additionally, Swan Bitcoin is embroiled in a separate claim against its law firm for malpractice, arguing that the firm abandoned its case against Proton without proper notice, harming Swan's business. As of now, Swan has not issued a formal response to the lawsuit.

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