#Tether Sues Swan Bitcoin#
Hot Topic Overview
Overview
Tether is suing financial services firm Swan Bitcoin over a contract dispute related to their 2022 joint venture, 2040 Energy, a bitcoin mining operation. Tether alleges Swan has committed material breaches of the agreement and has taken legal action to protect its 80% investment. Swan has acknowledged receipt of the lawsuit and says it will fight the claims. This lawsuit is the latest legal battle between the two companies, following a September lawsuit filed by Swan against 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 dispute regarding a Bitcoin mining joint venture. The lawsuit stems from 2040 Energy, a joint venture formed by the two companies in 2022. Tether owns 80% of the venture and provided financing, while Swan owns 20% and profit sharing is to occur after Tether recoups its entire investment. Tether alleges that Swan has engaged in material breaches of the agreement, including reckless conduct that has resulted in violations of the agreement, and has been forced to take legal action to protect its investment. Swan has confirmed receipt of the lawsuit and said it will vigorously defend itself and 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.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Tether accuses Swan Bitcoin of material contract breaches in Bitcoin mining joint venture
Tether believes Swan Bitcoin's actions were reckless, leading to material breaches of the agreement
Tether seeks to protect its investment in the joint venture
Swan Bitcoin confirms receiving the lawsuit notice and says it will vigorously defend itself