Swan Bitcoin, a Bitcoin financial services firm, has filed a lawsuit against several former executives and consultants, including former Chief Investment Officer Raphaël Zagury, alleging they conspired to steal its billion-dollar Bitcoin mining business. The lawsuit claims that the former employees planned to launch a competing venture, Proton Management, using proprietary code and intellectual property from Swan, including the Bitcoin Network Operating Center. Swan alleges that the ex-employees acted in coordination with investor and joint venture partner Tether, which is confirmed as the financier of the new venture. The scheme, referred to as "rain and hellfire," implicates Tether's CFO and former CEO in the alleged conspiracy. Swan's mining operation reportedly had a hashrate of 12 EH/s as of July 2024, with its first site located in Tasmania, Australia. The company asserts it has suffered "enormous economic damages" and is "irreparably harmed" by the defendants' actions, potentially threatening its business operations. Swan had previously taken bailout money from Tether before the alleged scheme unfolded.