Swan Bitcoin has filed a lawsuit against a group of former employees and consultants, accusing them of stealing classified data and creating an illegal copy of a bitcoin mining business called Proton Management.
- The lawsuit alleges that the employees used confidential code and financial models from Swan.
- Tether, a former Swan partner, allegedly supported these actions, although it is not a defendant in the lawsuit.
- As a result, Swan was forced to abandon its IPO and lay off 45% of its staff.
A Tether representative denies all allegations of wrongdoing.