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Swan Bitcoin accuses the U.S. Secretary of Commerce of causing the failure of its joint venture with Tether., 2026/03/26 16:52:03
The cryptocurrency firm Swan Bitcoin has filed a legal motion requesting the retrieval of documents from the investment bank Cantor Fitzgerald, as well as the questioning of its former CEO and current US Secretary of Commerce, Howard Lutnick.
Swan Bitcoin is seeking to establish that Cantor Fitzgerald and Lutnick personally contributed to the failure of 2040 Energy, a mining initiative involving Tether, the issuer of the USDT stablecoin. According to the plaintiff, Cantor Fitzgerald, which serves as Tether’s investment bank, had access to sensitive information from Swan Bitcoin. The motion claims that in June 2024, Swan Bitcoin’s CEO Cory Klippsten met with Lutnick to discuss an initial public offering (IPO). At that time, the company considered Cantor Fitzgerald as the lead investment bank. During these discussions, Klippsten provided the bank with a confidential presentation about the company, along with details regarding mining capacities, as stated in the motion.
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Employees of Swan Bitcoin began to leave the company en masse, while Cantor Fitzgerald ceased communication without providing reasons. The management of Swan Bitcoin suspects that former employees, having leveraged the information shared with Cantor Fitzgerald about the company’s situation, persuaded Tether to withdraw from the joint venture 2040 Energy and invest in the newly established competing firm, Proton Management.
In September 2024, Swan Bitcoin initiated legal action against six former employees, including Business Development Director Michael Holmes and Investment Director Raphael Zagury. The company accused them of stealing confidential documents and establishing Proton Management, which Zagury subsequently led. This, according to Swan Bitcoin’s management, deprived the company of the opportunity to grow as a miner.
At the beginning of last year, Tether filed a lawsuit against Swan Bitcoin, alleging that the company violated the agreement regarding joint mining of the first cryptocurrency.
