Swan Bitcoin claims that Howard Lutnick likely knew about its failed Tether mining venture, after which employees allegedly stole documents, resigned and launched a rival firm.
Bitcoin financial services firm Swan Bitcoin has filed an ex parte application in moves to subpoena Cantor Fitzgerald and its former CEO, Howard Lutnick, seeking discovery tied to a failed mining venture involving former employees.
Swan sued several ex-staff in September 2024, alleging that they stole confidential documents, resigned, and then founded “counterfeit competitor” firm Proton Management days later while convincing Tether, one of Swan’s funding partners at the time, to cut ties with Swan and work with them instead. The ex-staff allegedly referred to this as the “rain and hellfire” plan.
Swan’s application for a subpoena, filed in the Southern District of New York on Monday, targets Cantor Fitzgerald and Lutnick because Swan believes they are in possession of key documents relevant to Swan’s failed mining venture with Tether, 2040 Energy, in addition to the coordinated employee exodus and alleged data exfiltration.
