Swan (Bitcoin-only "exchange") having an absolute 80s movie style meltdown. :marseycool2: :marseywallst:

https://x.com/_arshbot/status/1839408649174933613
22
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TLDR

By February 2024, Tether and Swan had agreed in principle to enter into a new funding agreement, known as 2140 Energy, which would further invest in the Tasmania site and other Bitcoin mining opportunities.

But before the 2140 Energy deal was finalized, Defendants and other Swan conspirators decided to enrich themselves at Swan's expense. They hatched a plan to steal Swan's mining business from the inside, usurp Swan's role, and cut Swan out from the Tether joint venture. They dubbed it "rain and hellfire."

Upon information and belief, Defendants and their Swan conspirators' executed their "rain and hellfire" plan by: (a) downloading all of Swan's confidential and proprietary business information and trade secrets necessary to operate a Bitcoin mining business, including BNOC and other material they would need to operate 2040 Energy; (b) creating a new company, Defendant Proton, which Swan's then-CIO Zagury would operate as CEO with Swan's then-Investment Director Defendant Naidoo as CIO, and which would employ other Defendants and Swan conspirators; and (c) soliciting "legal cover" from Tether to claim that Swan—following their departure—could no longer manage mining for 2040 Energy, push Swan out of its funding agreement with Tether, and insert Defendant Proton as Swan's replacement.

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