{"id":77770,"date":"2026-03-25T22:01:32","date_gmt":"2026-03-25T22:01:32","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=77770"},"modified":"2026-03-25T22:01:32","modified_gmt":"2026-03-25T22:01:32","slug":"swan-bitcoin-moves-to-subpoena-us-secretary-of-commerce-and-cantor-fitzgerald-details","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=77770","title":{"rendered":"Swan Bitcoin Moves To Subpoena US Secretary Of Commerce And Cantor Fitzgerald \u2013Details"},"content":{"rendered":"
\n

Swan Bitcoin has asked a US court for permission to subpoena Cantor Fitzgerald and its former CEO\u2014 now US Commerce Secretary Howard Lutnick \u2014 in a widening dispute that implicates crypto heavyweight Tether and alleges coordinated misconduct surrounding a joint mining venture.<\/p>\n

Swan Bitcoin Alleges Conspiracy\u00a0<\/h2>\n

The Bitcoin firm says it filed an ex parte application this week in the Southern District of New York to seek discovery that it intends to use in foreign proceedings against Tether-appointed directors of its joint venture, 2040 Energy.\u00a0<\/p>\n

Swan CEO Cory Klippsten identified the targets of those foreign actions as Tether CEO Paolo Ardoino, controlling shareholder Giancarlo Devasini, and Bitfinex CEO Jean-Louis van der Velde.<\/p>\n

In its filing, <\/a>Swan describes a series of events in mid-2024, when it says a group of the firm\u2019s employees led by then\u2011CIO Raphael Zagury conspired with Tether personnel \u2014 including Tether\u2019s now\u2011CIO Zachary Lyons \u2014 to undermine the joint venture from within.\u00a0<\/p>\n

According to the complaint, Swan\u2019s internal planning notes, recovered from corporate servers, outlined a coordinated mass resignation that would be cloaked with \u201clegal cover from Tether.\u201d\u00a0<\/p>\n

Swan alleges that on Aug. 8, 2024, thirteen employees resigned within hours, and that \u201cthousands\u201d of confidential documents were downloaded from the company\u2019s systems.\u00a0<\/p>\n

The filing contends that those defectors quickly formed Proton \u2014 an entity Swan says was effectively a Tether replacement for the joint venture and was run by the same departing employees and contractors.\u00a0<\/p>\n

In December 2024, the complaint alleges, the Tether-appointed directors approved a related\u2011party sale of 2040 Energy\u2019s mining assets to a Tether subsidiary at a significantly undervalued price.<\/p>\n

Allegations Against US Secretary Of Commerce\u00a0<\/h2>\n

Cantor Fitzgerald and Lutnick figure in Swan Bitcoin\u2019s application because, the filing says, they were closely linked to developments before and after the resignations.\u00a0<\/p>\n

Swan Bitcoin recounts that Devasini introduced Klippsten to Lutnick in the weeks before the mass departures to discuss a prospective Swan Bitcoin initial public offering (IPO).\u00a0<\/p>\n

Swan shared confidential mining data and IPO materials with Cantor at that time, the filing says, and then, after the rapid resignations and alleged asset diversion, Cantor \u201cunexpectedly\u201d ceased contact without explanation.\u00a0<\/p>\n

Klippsten\u2019s contemporaneous notes, which Swan Bitcoin has included in its filing, also record conversations with Devasini in which Devasini allegedly told Klippsten that Lutnick \u2014 while still a private citizen \u2014 claimed to have \u201cmanaged to kill every bill about stablecoins\u201d in Congress and was \u201cworking full time for Tether.\u201d\u00a0<\/p>\n

Swan Bitcoin\u2019s application asks a federal judge to permit subpoenas to gather documents and testimony from Cantor and Lutnick to support the firm\u2019s foreign litigation targeting the Tether\u2011appointed directors.\u00a0<\/p>\n

\"Swan<\/p>\n

Featured image from ABC News, chart from TradingView.com\u00a0<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Swan Bitcoin has asked a US court for permission to subpoena Cantor Fitzgerald and its former CEO\u2014 now US Commerce Secretary Howard Lutnick \u2014 in a widening dispute that implicates crypto heavyweight Tether and alleges coordinated misconduct surrounding a joint mining venture. Swan Bitcoin Alleges Conspiracy\u00a0 The Bitcoin firm says it filed an ex parte […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-77770","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/77770","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=77770"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/77770\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=77770"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=77770"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=77770"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}