#Tether Sues Swan Bitcoin#

Tether is suing financial services company Swan Bitcoin over a dispute related to their joint venture in Bitcoin mining. The joint venture company, 2040 Energy, was formed in 2022. Tether owns 80% of the company and provided the financing, while Swan owns 20%. Profit sharing was to occur after Tether recouped its full investment. Tether alleges that Swan engaged in material breaches of the agreement and that it was forced to take legal action to protect its investment. Swan confirmed receipt of the lawsuit and said it will vigorously defend itself. This lawsuit escalates a legal dispute that began in September 2022, when Swan sued former employees and contractors alleging they stole its Bitcoin mining business. Tether said in a statement that it has always acted in good faith in its partnership with Swan, supporting common business goals and complying with all relevant agreements, but that Swan's actions were reckless, causing it to materially breach the agreements.