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SKN | Swan Bitcoin Moves to Subpoena Cantor Fitzgerald in Escalating Legal Clash

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Key Points

  • Swan Bitcoin seeks subpoenas targeting Cantor Fitzgerald and Howard Lutnick.
  • Dispute centers on alleged data theft and a failed mining venture.
  • Former employees are accused of launching a rival firm using confidential information.

Swan Bitcoin has taken a new step in its ongoing legal dispute by filing an application to subpoena Cantor Fitzgerald and its former CEO Howard Lutnick.

The move is part of a broader effort to gather evidence related to a failed Bitcoin mining venture and alleged misconduct by former employees.

Allegations of Internal Data Theft

Swan claims that several former staff members accessed confidential company documents before resigning and quickly launching a competing firm, Proton Management.

According to the filing, these individuals allegedly executed a coordinated plan—internally referred to as “rain and hellfire”—to replicate Swan’s operations while redirecting key partnerships.

Dispute Tied to Mining Venture With Tether

At the center of the case is a mining initiative linked to Tether, where Swan alleges its former employees influenced the breakdown of the partnership.

The company also claims that assets tied to the venture were undervalued and transferred under questionable circumstances, prompting deeper scrutiny into the role of external parties.

Why Cantor Fitzgerald Is Involved

Cantor Fitzgerald, which has advisory ties to Tether, is believed by Swan to possess critical documents related to the mining deal and subsequent fallout.

Swan argues that interactions between its leadership and Cantor, including the sharing of proprietary business materials, may provide insight into how events unfolded before the employee departures.

Broader Implications and Ongoing Case

The legal case against the former employees and Proton Management remains ongoing, with the defendants denying the allegations and disputing Swan’s claims over ownership and control of the mining venture.

Meanwhile, the subpoena request introduces new dimensions to the dispute, potentially drawing in high-profile financial institutions and raising questions about governance, partnerships and information security in the crypto industry.

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