Bitcoin financial services firm SwanBitcoin has filed a lawsuit against former employees and consultants, accusing them of "stealing" its lucrative bitcoin mining operations with the help of Tether and setting up "illegal counterfeiting" firm Proton Management. Swan believes that Tether, as a former financing partner, promised investment while secretly plotting to encourage employees to leave and build competitive businesses. The incident led Swan to abandon its IPO plans and lay off about 45% of its staff. Swan seeks a permanent injunction against the defendants and seeks damages and punitive damages.