Swan Bitcoin Drags Commerce Secretary Howard Lutnick Into Tether Mining War

Swan Bitcoin filed an application in the Southern District of New York seeking court authorization to subpoena Cantor Fitzgerald and its former CEO, Commerce Secretary Howard Lutnick, under 28 U.S.C. § 1782. This request supports foreign proceedings against Tether-appointed directors of 2040 Energy, Swan's former Bitcoin mining joint venture with Tether.

The dispute stems from mid-2024 when Swan alleges Tether's CIO and former Swan CIO secretly conspired to dismantle Swan's role, leading to the mass resignation of Swan employees and the transfer of assets to a Tether subsidiary at an undervalued price. Swan claims Cantor Fitzgerald and Lutnick are relevant due to their proximity to these events, including discussions about a Swan IPO where confidential data was shared, followed by Cantor breaking contact and subsequently working on Tether-related transactions.

The filing also surfaces deeper financial ties, noting that Tether is the collateral agent for the Lutnick family trust that owns Cantor, and Bloomberg reported Tether loaned funds to Lutnick's children for his divestiture purchase. A ruling on the subpoena could reveal communications between Cantor and Tether, adding a new dimension to the ongoing legal battle.

(Source：BeInCrypto)