Swan Bitcoin has accused several former employees of “stealing the crown jewels” from its Bitcoin mining business to create a “counterfeit competitor.”
Bitcoin financial services firm Swan Bitcoin has filed a lawsuit against several former employees from its mining arm, alleging they stole the firm’s software code, resigned and then used that code to kickstart their own mining business.
The ex-staff supposedly founded “counterfeit competitor” firm Proton Management and convinced one of Swan’s funding partners, stablecoin issuer Tether, to cut ties with Swan and work with them instead.
This was intended to “irreparably harm Swan’s ability to compete in the market,” Swan’s attorneys alleged in the Sept. 25 court filing.
