TechFlow reported on September 27 that, according to Decrypt, Bitcoin company Swan has filed a lawsuit in the U.S. District Court for the Central District of California, accusing its former employees—including ex-executives—of colluding with Tether to steal its multibillion-dollar Bitcoin mining business. Swan alleges that the former employees stole the company's highly proprietary Bitcoin mining monitoring software code, supplier relationships, and business partner resources, then collectively resigned to establish Proton Management, a competing firm. The lawsuit claims Tether played a key role in the conspiracy by issuing Swan a "default notice," providing "legal cover" for this hostile takeover. Swan is seeking a permanent injunction against Proton to prevent further interference with its mining operations, as well as the return of stolen equipment and "confidential materials" from the former employees. Swan has requested a jury trial, with specific damages to be determined during the trial.
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