According to WuSay, Bitcoin financial services company Swan Bitcoin has filed a lawsuit against former employees and consultants, accusing them of stealing its Bitcoin mining business with the help of Tether and setting up an illegal copycat company Proton Management.

Swan believes that Tether, as a financing partner, promised investment while secretly plotting to encourage employees to leave and establish competing businesses.

The incident led Swan to abandon its IPO plans and lay off about 45% of its employees. Swan is seeking a permanent injunction against the defendants and is seeking compensatory and punitive damages.