#Tether Sues Swan Bitcoin#

Tether is suing financial services firm Swan Bitcoin over a contract dispute involving 2040 Energy, a Bitcoin mining joint venture the two companies formed in 2022. In the lawsuit, Tether accuses Swan of material breaches of the agreement and claims that Swan's actions resulted in "a serious violation of the parties' agreement." Tether owns 80% of 2040 Energy and provided financing, while Swan owns 20% and profit sharing is to occur after Tether recoups its full investment. Tether states that it has acted in good faith, supporting the shared business objectives, and complying with all relevant agreements, but Swan's conduct has been reckless, forcing them to take legal action to protect their investment. Swan confirmed receipt of the lawsuit but declined to comment further, saying it will "vigorously defend its rights." The lawsuit escalates a legal dispute that began last September when Swan sued former employees and contractors for allegedly stealing Bitcoin mining operations.