{"id":24464,"date":"2026-03-26T09:21:23","date_gmt":"2026-03-26T09:21:23","guid":{"rendered":"https:\/\/bitunikey.com\/news\/swan-bitcoin-targets-cantor-and-lutnick-in-tether-mining-fight\/"},"modified":"2026-03-26T09:21:34","modified_gmt":"2026-03-26T09:21:34","slug":"swan-bitcoin-targets-cantor-and-lutnick-in-tether-mining-fight","status":"publish","type":"post","link":"https:\/\/bitunikey.com\/news\/swan-bitcoin-targets-cantor-and-lutnick-in-tether-mining-fight\/","title":{"rendered":"Swan Bitcoin targets Cantor and Lutnick in Tether mining fight"},"content":{"rendered":"<p><\/p>\n<div class=\"post-detail__content blocks\">\n<p><strong>Swan Bitcoin has asked a New York court for permission to subpoena Cantor Fitzgerald and its former chief executive, Howard Lutnick, as part of a legal fight over a failed Bitcoin mining venture.\u00a0<\/strong><\/p>\n<div id=\"cn-block-summary-block_90e0d195ca42e4d7033c93480fbd94f5\" class=\"cn-block-summary\">\n<div class=\"cn-block-summary__nav tabs\">\n        <span class=\"tabs__item is-selected\">Summary<\/span>\n    <\/div>\n<div class=\"cn-block-summary__content\">\n<ul class=\"wp-block-list\">\n<li>Swan asked a New York court to approve subpoenas for Cantor Fitzgerald and Howard Lutnick.<\/li>\n<li>The filing seeks documents tied to Swan\u2019s failed mining venture with Tether and former staff.<\/li>\n<li>Former Swan employees deny wrongdoing and dispute ownership claims involving Proton Management and 2040 Energy.<\/li>\n<\/ul><\/div>\n<\/div>\n<p><!-- .cn-block-summary --><\/p>\n<p>The request links the dispute to Swan\u2019s claims that former employees left the company, took internal material, and later worked with Tether on a competing operation.<\/p>\n<p>Swan <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/www.scribd.com\/document\/1017419099\/2026-03-23-002-Memo-of-Law-ISO-1782-App\" target=\"_blank\" rel=\"nofollow\">filed<\/a> the application in the Southern District of New York on Monday. The company said it wants discovery from Cantor Fitzgerald and Lutnick because they may hold documents tied to Swan\u2019s former mining business with Tether, known as 2040 Energy.<\/p>\n<p>    <!-- .cn-block-related-link --><\/p>\n<p>The case comes from a lawsuit Swan filed in September 2024 against several former staff members. Swan claimed the group resigned, took confidential documents, and then launched Proton Management days later. The company also alleged that the former employees pushed Tether to end its relationship with Swan and back their new venture instead.<\/p>\n<h1 class=\"wp-block-heading\"><strong>Focus turns to Cantor Fitzgerald and Howard Lutnick<\/strong><\/h1>\n<p>Swan\u2019s filing said Cantor Fitzgerald may have knowledge of events surrounding the sale of Swan\u2019s mining assets to a Tether subsidiary. Swan argued that Cantor\u2019s advisory role with Tether and its work in Bitcoin mining may place it near documents relevant to the dispute.<\/p>\n<p>The filing also drew attention because Lutnick now serves as US secretary of commerce. Swan\u2019s move comes as Democratic senators, including Elizabeth Warren, continue to question Lutnick over possible conflicts tied to Tether. Swan has not accused Lutnick of wrongdoing in the filing described here, but it said his records may matter to the case.<\/p>\n<p>Moreover, Swan chief executive Cory Klippsten <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/x.com\/CorySwan\/status\/2036880109400109292\" target=\"_blank\" rel=\"nofollow\">said<\/a> he met Lutnick in June 2024 while Swan was considering an initial public offering. Swan said Cantor Fitzgerald wanted to serve as lead investment banker, and during those talks the company shared a \u201chighly confidential and proprietary slide deck\u201d and showed its mining facilities.<\/p>\n<p>Klippsten later said Cantor stopped communicating with Swan after the employee exits and the disputed asset transfer. He wrote that Cantor \u201cbroke off contact\u201d with Swan without explanation.\u00a0<\/p>\n<h2 class=\"wp-block-heading\"><strong>Former employees reject Swan\u2019s claims<\/strong><\/h2>\n<p>Swan said former business development head Michael Holmes and former chief investment officer Raphael Zagury organized what it called the \u201crain and hellfire\u201d plan. Zagury later became Proton\u2019s chief executive, according to Swan\u2019s court claims.<\/p>\n<p>The defendants have denied Swan\u2019s allegations. They argued that 2040 Energy did not belong to Swan because Tether fully funded the venture. The lawsuit against Proton Management remains ongoing.<\/p>\n<p>    <!-- .cn-block-related-link --><\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Swan Bitcoin has asked a New York court for permission to subpoena Cantor Fitzgerald and its former chief executive, Howard Lutnick, as part of a legal fight over a failed&hellip;<\/p>\n","protected":false},"author":1,"featured_media":7780,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-24464","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/24464","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/comments?post=24464"}],"version-history":[{"count":1,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/24464\/revisions"}],"predecessor-version":[{"id":24465,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/24464\/revisions\/24465"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media\/7780"}],"wp:attachment":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media?parent=24464"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/categories?post=24464"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/tags?post=24464"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}