#Tether Sues Swan Bitcoin#
Hot Topic Overview
Overview
Tether is suing financial services firm Swan Bitcoin over a dispute involving a bitcoin mining joint venture. The two companies formed the joint venture, 2040 Energy, in 2022, with Tether holding an 80% stake and providing financing, and Swan holding a 20% stake. Tether alleges that Swan has engaged in significant breaches of the agreement and has taken legal action to protect its investment. Swan has confirmed receipt of the lawsuit and said it will vigorously defend itself. The lawsuit escalates a legal battle 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 company Swan Bitcoin over a contract dispute related to 2040 Energy, a Bitcoin mining joint venture the two firms established in 2022. Tether alleges in the lawsuit that Swan has engaged in material breaches of the agreement and says it was forced to take legal action to protect its investment. Tether holds an 80% stake in the joint venture and provided funding, while Swan owns 20% and profit sharing is contingent upon Tether recouping its entire investment. Swan confirmed receipt of the lawsuit and stated it will vigorously defend itself. The lawsuit escalates a legal dispute that began in September when Swan sued former employees and contractors for allegedly stealing its Bitcoin mining business.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Tether accuses Swan Bitcoin of breaching the agreement for their 2020 Energy joint venture formed in 2022, resulting in damage to Tether's investment.
Tether believes Swan Bitcoin's actions were reckless and is taking legal action to protect its investment.
Swan Bitcoin has confirmed receipt of the lawsuit and stated it will vigorously defend itself.
This case escalates the legal dispute that began last September when Swan Bitcoin sued former employees and contractors for allegedly stealing Bitcoin mining operations.