Stablecoin issuer Tether has filed a lawsuit against Swan Bitcoin in the High Court of England and Wales.
The lawsuit alleges breaches of contract related to their joint Bitcoin (BTC) mining initiative, 2040 Energy. Tether, along with its partner 2040 Energy Limited, say that Swan's actions have violated their agreements, prompting a lawsuit to protect their investment.
According to s report by Blockspace, Tentar He said he has fulfilled his duties while accusing Swan of misconduct. Swan, acknowledging the lawsuit, declined to comment in detail but promised to “vigorously defend his position”.
The lawsuit marks a new escalation in a legal dispute that began in September when Swan sue former mining workers and contractors, accusing them of stealing proprietary business information to create Proton Management.
Although the lawsuit did not name Tether, the stablecoin giant's involvement in the UK case points to a deeper rift between the companies, according to the report.
Bitcoin Tether mining enterprise
At the heart of the controversy is 2040 Energy, a mining a joint venture established in 2022, in which Tether (USDT) holds an 80% share and Swan holds 20%.
Swan's earnings were tied to the campaign recouping all of Tether's original investment, as explained in court filings and investor materials.
Swan previously described the worker walkout as a “corporate coup,” alleging a conspiracy to control their mining operations. The Tether lawsuit now raises additional questions about the management of the venture and the nature of Swan's contract.
