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.