Swan Bitcoin Subpoenas Cantor Fitzgerald in Tether Mining Deal Dispute

Highlights:

• Swan Bitcoin subpoenas aim to uncover records tied to a disputed Tether mining deal and employee exits.
• Former Swan employees resigned together and launched Proton Management within days after taking internal data.
• Swan claims Tether replaced it in the mining venture and approved a low-value asset sale to a subsidiary.

Swan Bitcoin, a Bitcoin-only financial services platform, has asked a New York court to approve subpoenas tied to a disputed Tether mining deal. The company filed an ex parte application in the Southern District of New York seeking records from Cantor Fitzgerald and its former chief executive, Howard Lutnick.

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Swan Bitcoin has filed a U.S. court application seeking to subpoena Cantor Fitzgerald and former CEO Howard Lutnick as part of a dispute over a failed Bitcoin mining venture.

The firm alleges former employees may have taken confidential information and used it in a competing… pic.twitter.com/eqtqKIAE2U

— Todayq News (@todayqnews) March 26, 2026

Swan told the court that Cantor and Lutnick may hold records linked to its failed mining venture with Tether, known as 2040 Energy. The company wants emails, transaction records, and advisory materials tied to that venture. It also wants documents that show how control of the mining operation changed.

The filing states that Swan is investigating how former employees accessed company systems and removed internal data before resigning. It says those actions happened shortly before the venture shifted away from Swan. The company also points to Cantor’s role as Tether’s investment banker during the same period.

Swan says Cantor Fitzgerald worked on Tether-related mining and financing activity while the dispute unfolded. Because of that role, Swan believes Cantor may hold records tied to the mining assets and business decisions. The company has asked the court to allow subpoenas so it can obtain those materials.

Swan Bitcoin Subpoenas Reveal Details Behind Staff Exit and Tether Fallout

The filing by Swan builds upon a lawsuit it filed two years ago against some former employees. The company accuses the group of organizing their exit even when they were still working. It states that they got into internal systems and deleted confidential documents before leaving.

The filing stated that 13 Swan workers resigned within hours after they had downloaded thousands of internal files. The group started Proton Management days later and started running a rival mining business.

Swan claims the group worked with Tether executives to take over the 2040 Energy venture. The company says Tether removed Swan and replaced it with Proton Management within days. Swan also says internal notes described the plan using the phrase “rain and hellfire.”

The filing names Raphael Zagury, Swan’s former chief investment officer, and Michael Holmes as key figures. It also links the effort to Zachary Lyons, now Tether’s chief investment officer. Zagury later became chief executive of Proton Management.

Cory Klippsten, through a post on X, stated, “After the mass resignations and asset diversion, Cantor broke off contact with Swan without explanation. We had shared detailed mining data and IPO materials before those events, yet communication stopped immediately after.”

Swan also told the court that Tether-appointed directors approved a sale of 2040 Energy mining assets. The company says a Tether subsidiary acquired those assets at a price it considers too low. Swan believes Cantor may hold records tied to how that deal was structured and approved.

Cantor Contact Ends After IPO Talks as Defendants Push Back

Swan reported that its chief executive, Cory Klippsten, met with Howard Lutnick to talk about a planned initial public offering. During those talks, Cantor Fitzgerald showed an interest in being the lead investment banker.

Lutnick on the Hot Seat, Yet Again

This week Swan Bitcoin filed an ex parte application in the Southern District of New York seeking court authorization to subpoena Cantor Fitzgerald and its former CEO, US Commerce Secretary Howard Lutnick @HowardLutnick, under 28 U.S.C. § 1782.… pic.twitter.com/ABEaVHYbuV

— Cory 🦢 Real Bitcoin @ Swan.com (@CorySwan) March 25, 2026

Swan claimed to have shared a secret deck of slides, mining data, and operational information with Cantor at those meetings. It also allowed Cantor to inspect its mines. These meetings occurred weeks prior to the resignations of the employees.

The ex-workers have refuted the allegations made by Swan. They denied stealing confidential documents and acting against the company. They further indicated that 2040 Energy did not belong to Swan since Tether had financed the enterprise. The dispute remains active in court. Swan is now seeking third-party records to support its claims. Meanwhile, Lutnick serves as US commerce secretary, and lawmakers such as Elizabeth Warren have questioned his ties to Tether.

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