As a seasoned crypto investor with a knack for deciphering the intricacies of this ever-evolving market, I must say that the recent legal spat between Swan Bitcoin and Proton Management has left me both alarmed and amused.
Swan Bitcoin has filed lawsuits against a number of ex-employees, alleging they unlawfully obtained critical elements from the company’s Bitcoin mining operations.
On September 25, the legal action asserts that the current leaders of Proton Management were involved in a plot to unlawfully seize Swan’s proprietary information. Furthermore, it alleges they received financial backing from Tether to establish a rival company that replicates Swan’s products.
Rain and Hellfire Plan
The court filing alleges that Proton Management’s executives executed a “rain and hellfire” plan by stealing Swan’s proprietary software, the Bitcoin Network Operating Center (BNOC), and sensitive documents for their new venture. These materials included confidential business strategies, client information, and key operational data.
In addition to its assertions, the financial services company alleges that Proton influenced Tether, one of its investors, to sever ties with Swan and back Proton instead, which, they argue, significantly impeded Swan’s capacity to compete in the market. The lawsuit details that the stablecoin issuer was instrumental in the hostile takeover, offering “legal protection” and referencing an email discussing their intention to send a “default notice” to the company.
Back in mid-2023, I found myself embarking on an exciting Bitcoin mining venture, a partnership between CEO Cory Klippsten and Tether’s CFO, Giancarlo Devasini. I was tasked with managing the project, while Tether, through its subsidiary BFX Ventures, took care of the financing. By July 2023, we had established 2040 Energy, a mining company that saw joint leadership from both our companies and received funding from Tether.
In January 2024, disagreements emerged between Swan’s Chief Investment Officer Raphael Zagury and some crucial consultants, who were suspected of devising a scheme to seize control of the mining sector. By June, talks about separating the mining activities started, with Tether expressing willingness to finance a fresh venture for this new entity.
In July, it was said that Zagury and Devasini finalized their plans, with Zagury joining the board of 2040 Energy and transferring assets to Proton. However, by early August, several high-ranking officials had resigned, and Tether informed Swan that Proton would take over their roles in the mining agreement.
Swan’s Response and Legal Action
Swan alleges it was caught off guard by the resignations and the actions of the stablecoin issuer, charging Proton with scheming to recruit its employees and take over its mining business. The legal action aims to secure a permanent order prohibiting the new company from causing any more disruptions to its operations, in addition to recovering stolen equipment and confidential information.
Besides the legal proceedings, Swan is also seeking a jury trial and financial compensation to be decided by the court. Moreover, due to its withdrawal from the mining sector, Swan has allegedly postponed its Initial Public Offering (IPO) and let go of some employees.
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2024-09-28 01:30