Gate News reports that on March 26, Bitcoin financial services company Swan Bitcoin filed an ex parte application in the Southern District of New York Federal Court this Monday, seeking subpoenas for Cantor Fitzgerald and its former CEO Howard Lutnick to obtain key documents related to its failed mining joint venture. Swan Bitcoin sued several former employees in September 2024, accusing them of stealing confidential files and collectively leaving to establish a competing company, Proton Management, and allegedly convincing Tether to terminate its partnership with Swan in favor of supporting the new company. Swan claims this plan was internally called the “Rain and Hellfire” project, primarily orchestrated by former Business Development Head Michael Holmes and former Chief Investment Officer Raphael Zagury. Swan believes that Cantor Fitzgerald, as Tether’s investment banking advisor, may hold critical documents regarding the sale of Swan’s mining joint venture, 2040 Energy, assets at a low price to a Tether subsidiary.
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