#Tether sues Swan Bitcoin#
Hot Topic Overview
Overview
Tether is suing financial services company Swan Bitcoin over a contract dispute related to their 2022 bitcoin mining joint venture, 2040 Energy. Tether alleges Swan has engaged in significant breaches of the agreement and has taken legal action to protect its 80% investment. Swan has confirmed receipt of the lawsuit and said it will defend itself vigorously. The lawsuit escalates a legal dispute that began last September when Swan sued former employees and contractors for allegedly stealing bitcoin mining operations.
Ace Hot Topic Analysis
Analysis
Tether is suing financial services firm Swan Bitcoin over a contract dispute regarding their 2022 bitcoin mining joint venture, 2040 Energy. Tether alleges that Swan has committed material breaches of the agreement, forcing Tether to take legal action to protect its investment. Tether holds an 80% stake in the joint venture and provided the financing, while Swan holds 20% and profit sharing is to occur after Tether recoups its full investment. Swan confirmed receipt of the lawsuit and said it will vigorously defend itself. The lawsuit escalates the legal battle that began last September when Swan sued former employees and contractors for allegedly stealing bitcoin mining business.
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Public Sentiment
Discussion Word Cloud
Classic Views
Tether accuses Swan Bitcoin of material agreement breaches in a Bitcoin mining joint venture
Tether alleges Swan Bitcoin's actions were reckless, resulting in a material breach of the agreement
Tether seeks to protect its investment in the joint venture
Swan Bitcoin confirmed receipt of the lawsuit notice and said it will vigorously defend itself