Airdrop Army

Swan Bitcoin is entangled in some serious courtroom turbulence. The firm just threw down a lawsuit against several former employees from its mining division, accusing them of straight-up jacking company code. Allegedly, these employees bounced, took the code, and then started their own rival operation under the name Proton Management. But the real twist? They supposedly lured Swan’s heavyweight partner, Tether, into their orbit to muscle Swan out of the picture entirely.

The Plot: “Rain and Hellfire” Unleashed

So, this isn’t just a case of folks leaving and trying their luck elsewhere. According to Swan, it’s way deeper. The company’s attorneys claim these ex-employees schemed from inside Swan to swipe valuable business info. We’re talking about proprietary mining data and secret sauce trade secrets, the kind you can’t just Google. Swan says their former Head of Business Development, Michael Holmes, spearheaded the whole thing, while Raphael Zagury, ex-CIO and mining boss at Swan, plays the CEO role at Proton. Together, they allegedly cooked up what Swan’s legal team refers to as the “rain and hellfire” plan. It wasn’t subtle—Swan says they intended to cripple the company’s competitive future and block their shot at more mining action.

But the saga didn’t stop there. With those August resignation letters still fresh on the desk, Swan got hit with the news on August 12 that Tether, their long-time partner in crime for mining, decided to ghost them and roll with Proton. Swan was left holding the bag.

Tether Bounces, Proton Steps In

Here’s the real kicker—Swan and Tether had only just teamed up in May, and things were looking hot. The goal was to rev up 100 exahashes of mining power by 2026. Everything looked smooth until July, when Swan’s CEO, Cory Klippsten, told the Bitcoin faithful that the mining biz might not stick around due to some revenue hiccups. But now, it’s coming out that behind those closed doors, Swan was already weighing a full exit from the mining scene, and Tether was supposedly ready to help them hand it off—before Proton swooped in.

Swan isn’t taking it lightly. They’re now demanding the court put the brakes on Proton’s next move and asking for stolen gear, plus confidential files, to come back home where they belong.