According to Swan Bitcoin, six former employees of the company conspired to steal the software code that provides monitoring processes for Bitcoin mining, as well as other intellectual property of the company in the field of mining the first cryptocurrency.
Swan Bitcoin believes that the defendants used stolen confidential information to create their own mining company, a clone of Proton Management, directly competing with Swan Mining.
Swan Bitcoin management argues that after the launch of the alternative company, the defendants began to actively lure away key employees and business partners of Swan Mining, including the main financial partner, Tether. On August 12, stablecoin issuer Tether abandoned previously agreed plans to finance and acquire the Swan Mining business in favor of Proton Management.
“As a result of pre-planned criminal acts, the defendants caused irreparable harm to Swan Bitcoin and deprived the company of its ability to successfully compete in the digital asset mining market,” Swan Bitcoin’s lawyers said in the lawsuit filed in court on September 25.
In July, Swan Bitcoin CEO Cory Klippsten wrote on social network X that the company was closing its mining business, downsizing its workforce, and revising plans to list its shares on the public stock market. At that time, Swan Bitcoin did not specify what events inside or outside the company caused the cost reduction and abandonment of Bitcoin mining.
Source: Bits
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