|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cryptocurrency News Articles
Swan Bitcoin Sues Former Employees, Tether Over Alleged Theft of Proprietary Information
Sep 28, 2024 at 11:38 am
Swan Bitcoin has filed a lawsuit against several former employees, accusing them of stealing proprietary information and launching a competing Bitcoin mining company.
Swan Bitcoin has filed a lawsuit against several former employees, accusing them of stealing proprietary information and launching a competing Bitcoin mining company.
The lawsuit, filed in the U.S. District Court for the Central District of California on September 25th, 2024, claims the employees resigned in early August to form Proton Management Ltd., a direct competitor.
Swan alleges that former Head of Business Development Michael Holmes and ex-Chief Investment Officer Raphael Zagury led the group in taking confidential business information necessary for running Swan’s Bitcoin mining operations.
The company claims this harmed its ability to compete in the industry.
The suit also implicates Tether, Swan’s former partner in its mining operations. Tether, a major player in the space, allegedly supported Proton after severing ties with Swan.
According to the filing, this allowed Proton to take over Swan’s position in a mining joint venture with Tether—a move the lawsuit describes as part of a broader hostile takeover, referred to internally by the former employees as the “rain and hellfire” plan.
The resignations of key personnel occurred on August 8th and 9th, 2024, and just days later, Swan was informed that it had been replaced by Proton in the Tether joint venture.
Swan had launched its managed mining service in May 2024 in partnership with Tether, with a goal of reaching 100 exahashes of computing power by 2026.
By July, CEO Cory Klippsten had raised concerns about the business’s future, suggesting revenue challenges could force a sale of the mining division to Tether.
ANNOUNCEMENT - @Swan is unlikely to continue with our Managed Mining business in the near term. Without the expectation of significant near-term revenue from our Managed Mining unit, we are pulling our plans to IPO in the near future.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
-
- MoonBag Presale: Double Your Coins with Referral and Bonus Codes
- Sep 28, 2024 at 02:25 pm
- The crypto world is full of opportunities, but not all of them give you the chance to double your investment right from the start. That's exactly what MoonBag (MBAG) is offering in its exciting presale phase.
-
- UNLV Loses QB Matthew Sluka, Who Alleges NIL Promises Were Broken
- Sep 28, 2024 at 02:20 pm
- Las Vegas casino boss Derek Stevens (inset) was hoping he could pay the money that now former Rebel quarterback Matthew Sluka says he was owed. (Image: Trask Smith / CSM)
-
- Cardano (ADA) Whales Jump Ship as SUI and IntelMarkets (INTL) Surge
- Sep 28, 2024 at 02:20 pm
- Cardano (ADA), once a shining star, is now facing a harsh reality: its whales are jumping ship! With lackluster price performance despite recent updates
-
- BlackRock's Bitcoin Bet Signals a New Era for Cryptocurrency Investments
- Sep 28, 2024 at 02:20 pm
- In a promising turn for the cryptocurrency market, investor interest in Bitcoin and Ethereum exchange-traded funds (ETFs) is on the rise.
-
- Central Bank of Bolivia Reports Doubling of Crypto Trading Volumes in Q3 2024
- Sep 28, 2024 at 02:20 pm
- The Central Bank of Bolivia (BCB) recently reported a substantial increase in cryptocurrency transactions across the country. According to a report released on September 26, 2024, the volume of virtual asset transactions surged by more than 100% through electronic payment channels.
-
- SushiSwap to Participate in Messari Mainnet 2024 Conference in New York on October 1st
- Sep 28, 2024 at 02:20 pm
- SushiSwap is a decentralized exchange protocol utilizing the automated market maker (AMM) model. Unlike traditional exchanges, it operates without an order book or any centralized entity, relying instead on smart contracts to facilitate trades.
-
- Flooding around Charlotte was already bad as Tropical Storm Helene moved through. It will increase as Duke Energy moves water from Lake Norman through Mountain Island Lake and into Lake Wylie.
- Sep 28, 2024 at 02:20 pm
- Duke Energy “needs to move large amounts of rainwater through the Catawba River System,” Charlotte-Mecklenburg Emergency Management said Friday afternoon.
-
- How to spider-proof your garden this autumn
- Sep 28, 2024 at 02:20 pm
- Spiders tend to get busy as autumn begins. They either move indoors or build webs in gardens as they get ready for winter. The drop in temperature signals that winter is approaching
-
- NYT Connections #475: September 28, 2024
- Sep 28, 2024 at 02:15 pm
- If you're looking for the Connections answer for Saturday, September 28, 2024, read on—I'll share some clues, tips, and strategies, and finally the solutions to all four categories.