#Tether is suing Swan Bitcoin.#

Tether recently sued financial services firm Swan Bitcoin over a contract dispute related to their 2022 Bitcoin mining joint venture, 2040 Energy. Tether owns 80% of the joint venture and provided financing, while Swan holds 20% and profit sharing is to occur after Tether recoups its full investment. Tether alleges that Swan has materially breached the agreement and has taken legal action to protect its investment. Swan has acknowledged receipt of the lawsuit and stated it will respond vigorously. This lawsuit is an escalation of a legal dispute from last September when Swan sued former employees and contractors for allegedly stealing Bitcoin mining operations. In a statement, Tether said they have acted in good faith in their partnership with Swan, supporting shared business goals and adhering to all relevant agreements, but Swan's actions have been reckless and have led to a material breach of the agreement, compelling Tether to take steps to protect its investment.