I've been following this story a little because it keeps triggering my Tether alerts.
Here is Cory's version of events In brief:
- Swan started a joint-venture with Tether to do some kind of hosted mining thing in 2022.
- In August 2024, a bunch of Swan employees resigned en masse.
- These employees had (already according to Cory) formed a new mining venture called Proton.
- Tether invested in Proton.
- Tether then informed Swan that the joint venture couldn't continue as it didn't have enough personel.
- Proton is installed as the manager of the joint venture.
- The managers of the joint-venture (the main people in behind of Tether Holdings) then sold a bunch of miners to Tether itself.
- Because of the conflict of interest, a third party (Synteq Digital) was hired to value the miners.
Now Swan is attempting to get documents about the valuation of the miners.
This week, Swan filed a §1782 action in U.S. federal court to obtain third-party documents from Synteq Digital, an ASIC broker
There are a ton of different pieces to this story. Cory has been tweeting about a lot this fall. I doubt that he will end up with a happy resolution for Swan.