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Stablecoin issuer Tether has filed a lawsuit against Swan Bitcoin in the High Court of England and Wales. <\/p>\n
The lawsuit alleges breaches of contract related to their joint Bitcoin (BTC<\/a>) mining venture, 2040 Energy. Tether, alongside its co-claimant 2040 Energy Limited, claims Swan\u2019s actions have violated their agreements, prompting legal action to protect their investment.<\/p>\n According to a report<\/a> by Blockspace, Tether<\/a> asserted that it has fulfilled its obligations while accusing Swan of misconduct. Swan, acknowledging the lawsuit, declined to provide detailed comments but pledged to \u201cvigorously defend\u201d its position.<\/p>\n This lawsuit marks a new escalation in a legal dispute that began in September when Swan sued<\/a> former mining employees and contractors, accusing them of stealing proprietary business information to form Proton Management.\u00a0<\/p>\n While that lawsuit did not name Tether, the stablecoin giant\u2019s involvement in the UK case signals deeper friction between the firms, according to the report.\u00a0<\/p>\n <\/p>\n At the heart of the dispute is 2040 Energy, a mining<\/a> joint venture established in 2022, in which Tether (USDT<\/a>) holds an 80% stake and Swan retains 20%.\u00a0<\/p>\n Swan\u2019s earnings were tied to the venture recouping all initial investments made by Tether, as outlined in court filings and investor materials.<\/p>\n Swan previously described the employee walkout as a \u201ccorporate coup,\u201d alleging a conspiracy to seize control of its mining operations. Tether\u2019s lawsuit now raises additional questions about the venture\u2019s management and Swan\u2019s contractual standing.<\/p>\n <\/p><\/div>\nTether\u2019s Bitcoin mining venture<\/h2>\n