#Tether Sues Swan Bitcoin#
Hot Topic Overview
Overview
Tether is suing financial services company Swan Bitcoin over a contractual dispute regarding their 2022 joint venture, 2040 Energy, a Bitcoin mining operation. Tether alleges that Swan has materially breached their agreement and has taken legal action to protect its investment. Swan confirmed receiving the lawsuit and said it will defend itself vigorously. The lawsuit is the latest legal battle between the two parties, following Swan’s lawsuit in September last year against former employees and contractors for alleged theft of Bitcoin mining operations.
Ace Hot Topic Analysis
Analysis
Tether is suing financial services firm Swan Bitcoin over a contract dispute related to their 2022-formed Bitcoin mining joint venture, 2040 Energy. Tether owns 80% of the joint venture and provides financing, while Swan holds 20%. Profit sharing was to take place after Tether recouped its full investment. Tether alleges that Swan has engaged in material breaches of the agreement and has taken legal action to protect its investment. Swan confirmed receipt of the lawsuit and stated that it will vigorously defend its rights. The lawsuit escalates a legal battle that began in September 2022 when Swan sued former employees and contractors alleging the theft of Bitcoin mining operations.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Tether accuses Swan Bitcoin of material breach of agreement in Bitcoin mining joint venture and has taken legal action to protect its investment.
Swan Bitcoin confirmed receipt of the lawsuit and said it will vigorously defend itself.
Tether owns 80% of the joint venture company 2040 Energy and provides financing, while Swan owns 20%.
The lawsuit stems from a contractual dispute over the joint venture company 2040 Energy, which was formed in 2022.