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.