BREAKING: TROUBLED BITCOIN BUSINESS “SWAN” FILES LAWSUIT AGAINST ITS ENTIRE TEAM OF FORMER EXECUTIVES
Lawsuit accuses Tether, Swan’s main financier, of helping the former exec team to conspire to steal the business from Corey
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Lawsuit accuses Tether, Swan’s main financier, of helping the former exec team to conspire to steal the business from Corey
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Swan case:
"The evidence of Defendants’ brazen theft is overwhelming... Defendant Monteleone cloned and exfiltrated highly proprietary code from Swan’s Bitcoin mining monitoring software ... Others involved in the conspiracy who now work with Proton (including Proton’s current CEO—exSwan Chief Investment Officer and Head of Mining Raphael Zagury) also downloaded Swan’s [code]"
"At the same time Defendants were stealing the crown jewels from Swan’s Bitcoin mining business, they executed their pre-planned scheme to solicit Swan’s mining personnel; usurp Swan’s funding arrangement; use Swan’s financing partner, cryptocurrency giant Tether, for “legal cover” for their misdeeds; and irreparably harm Swan’s ability to compete in the market. All of this is laid bare in Zagury’s notes, which also confirm Defendant Holmes was a ringleader."
“Swan CIO Zagury met with a Tether advisor (Lyons) to plot to remove Swan from the mining operation funded by Tether and ran by Zagury”
On July 11, 2024, Zagury and Defendant Naidoo met with Lyons to plot an “unwind” of Swan’s involvement in 2040 Energy. Lyons’ motivation is laid bare in contemporaneous notes of this meeting. He said that Swan had “no value” to Tether and the group discussed the possibility of certain Swan employees and consultants leaving Swan and going to Tether or another operator to “[k]eep doing what [they’re] doing.” Lyons told Zagury and Defendant Naidoo that Klippsten “has to realize they [Tether] can take away [Swan’s mining business] tomorrow.”"
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"The evidence of Defendants’ brazen theft is overwhelming... Defendant Monteleone cloned and exfiltrated highly proprietary code from Swan’s Bitcoin mining monitoring software ... Others involved in the conspiracy who now work with Proton (including Proton’s current CEO—exSwan Chief Investment Officer and Head of Mining Raphael Zagury) also downloaded Swan’s [code]"
"At the same time Defendants were stealing the crown jewels from Swan’s Bitcoin mining business, they executed their pre-planned scheme to solicit Swan’s mining personnel; usurp Swan’s funding arrangement; use Swan’s financing partner, cryptocurrency giant Tether, for “legal cover” for their misdeeds; and irreparably harm Swan’s ability to compete in the market. All of this is laid bare in Zagury’s notes, which also confirm Defendant Holmes was a ringleader."
“Swan CIO Zagury met with a Tether advisor (Lyons) to plot to remove Swan from the mining operation funded by Tether and ran by Zagury”
On July 11, 2024, Zagury and Defendant Naidoo met with Lyons to plot an “unwind” of Swan’s involvement in 2040 Energy. Lyons’ motivation is laid bare in contemporaneous notes of this meeting. He said that Swan had “no value” to Tether and the group discussed the possibility of certain Swan employees and consultants leaving Swan and going to Tether or another operator to “[k]eep doing what [they’re] doing.” Lyons told Zagury and Defendant Naidoo that Klippsten “has to realize they [Tether] can take away [Swan’s mining business] tomorrow.”"
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