Stablecoin issuer Tether has filed a lawsuit against Swan Bitcoin in the High Court of England and Wales.
The lawsuit alleges breaches of contract related to their joint Bitcoin (BTC) mining venture, 2040 Energy. Tether, alongside its co-claimant 2040 Energy Limited, claims Swanโs actions have violated their agreements, prompting legal action to protect their investment.
According to a report by Blockspace, Tether asserted that it has fulfilled its obligations while accusing Swan of misconduct. Swan, acknowledging the lawsuit, declined to provide detailed comments but pledged to โvigorously defendโ its position.
This lawsuit marks a new escalation in a legal dispute that began in September when Swan sued former mining employees and contractors, accusing them of stealing proprietary business information to form Proton Management.ย
While that lawsuit did not name Tether, the stablecoin giantโs involvement in the UK case signals deeper friction between the firms, according to the report.ย
Tetherโs Bitcoin mining venture
At the heart of the dispute is 2040 Energy, a mining joint venture established in 2022, in which Tether (USDT) holds an 80% stake and Swan retains 20%.ย
Swanโs earnings were tied to the venture recouping all initial investments made by Tether, as outlined in court filings and investor materials.
Swan previously described the employee walkout as a โcorporate coup,โ alleging a conspiracy to seize control of its mining operations. Tetherโs lawsuit now raises additional questions about the ventureโs management and Swanโs contractual standing.
