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Tether Files Lawsuit Against Swan Bitcoin in UK Court Over Alleged Breaches
In a dramatic turn of events, Tether, the world’s largest stablecoin issuer, has filed a lawsuit against Swan Bitcoin in the High Court of England and Wales. The legal action is reportedly prompted by alleged breaches of agreements between the two companies.
According to sources, the dispute between Tether and Swan Bitcoin dates back to September when Swan initiated legal action against former employees. The company accused the individuals of misappropriating trade secrets and engaging in unauthorized meetings with Tether prior to their departure. Additionally, Swan claimed that Tether agreed to support Proton, a competing project, following the resignation.
Fast forward to the present, it appears that Tether has responded by taking legal action against Swan Bitcoin. The lawsuit, which was filed at the High Court of England and Wales, accuses Swan of acting “recklessly” and resulting in significant breaches of agreements between the two firms.
Swan Bitcoin has confirmed the legal filing and has pledged to “vigorously defend all its rights.” Tether, meanwhile, emphasized their commitment to upholding agreements, stating that they have consistently acted in good faith, supported mutual business objectives, and adhered to all relevant agreements. However, Tether claims that Swan has not reciprocated this commitment, leading them to take necessary measures to protect their investment.
The ongoing conflict highlights the growing tensions within the cryptocurrency sector. As companies navigate issues such as proprietary knowledge and evolving regulations, high-stakes disputes like this one are becoming increasingly common. This development further underscores the importance of safeguarding intellectual assets in a rapidly evolving space.
As the situation unfolds, the implications for the industry will be closely monitored.
Source: www.crypto-news.net
