The stablecoin issuer accuses Swan Bitcoin of serious contractual breaches in their Bitcoin mining joint venture.According to reports from Cointelegraph, Tether has filed a lawsuit in the High Court of England and Wales against Swan Bitcoin, alleging “significant breaches” of commercial agreements.The dispute traces back to a 2022 joint venture when the two companies founded 2040 Energy to conduct Bitcoin mining operations. Tether reportedly provided the funding, while Swan Bitcoin was responsible for operational management.In a January 15 statement, Tether said:“Tether has consistently acted in good faith, supported mutual business objectives, and adhered to all relevant agreements. Conversely, Swan has acted recklessly, and their actions have resulted in significant breaches by them of the agreements between us. Consequently, we have been compelled to take necessary measures to protect our investment.”
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33 sats \ 0 replies \ @elvismercury 15 Jan
I gave Swan the benefit of the doubt repeatedly, but the whole Fortress Trust fisting was the final straw for me. It really seems like they're not bad actors, but the paper cuts of their bad decisions add up. Those guys should take a hard look in the mirror.
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