SwanBitcoin applies to subpoena Cantor Fitzgerald and former CEO to seek evidence related to mining dispute

Cointelegraph reported that Bitcoin financial services company SwanBitcoin filed an exparte application on Monday in the Federal Court for the Southern District of New York, seeking subpoenas against Cantor Fitzgerald and his former CEO Howard Lutnick to obtain key documents related to their failed mining joint venture. SwanBitcoin sued several former employees in 2024, accusing them of stealing confidential documents and leaving collectively. It immediately founded rival company ProtonManagement, and allegedly persuaded Tether to end its cooperation with Swan and support the new company. Swan said the plan was internally called the "Rain and Hellfire" plan by former employees, and the main planners were Michael Holmes, former head of business development, and Raphael Zagury, former chief investment officer. Swan believes that Cantor Fitzgerald, as Tether's investment banking adviser, may hold key documents related to the low-price sale of 2040Energy assets of the Swan mining joint venture to a Tether subsidiary.