Swan Bitcoin has asked a New York court to approve subpoenas targeting Cantor Fitzgerald and former executive Howard Lutnick as part of an escalating legal dispute tied to a failed bitcoin mining venture. The case centers on Swan’s claims that key documents and communications linked to its former partnership with Tether may be held by Cantor Fitzgerald. The filing adds a new layer to an already complex dispute involving ownership, employee departures and competing mining operations within the digital asset sector.
The request was filed in the Southern District of New York, where Swan is seeking discovery related to its past mining business known as 2040 Energy. According to the company, Cantor Fitzgerald’s advisory role and its involvement in bitcoin mining activities may provide access to relevant materials. The dispute stems from Swan’s earlier lawsuit filed in 2024, which alleged that former employees left the firm, took internal data and later established a competing venture with backing connected to Tether.
The legal filing also draws attention due to the involvement of Howard Lutnick, who now serves as the US Secretary of Commerce. Swan stated that Lutnick’s records could be relevant to the case given his past leadership role at Cantor Fitzgerald. However, the company has not accused him of any wrongdoing. The situation has also intersected with broader political scrutiny, as lawmakers have raised concerns about potential conflicts of interest related to Tether and its business relationships.
Swan’s chief executive Cory Klippsten has claimed that discussions with Cantor Fitzgerald broke down shortly after internal disruptions at the company and the disputed transfer of mining assets. He said the firm had previously shared sensitive information, including proprietary materials and operational details, during conversations about a potential public offering. According to Swan, communication ceased without explanation following the departure of key employees and the emergence of the competing venture.
The former employees named in the lawsuit have denied all allegations, disputing Swan’s ownership claims and arguing that the mining project in question was funded entirely by Tether. The case remains ongoing, with both sides presenting conflicting narratives around control, intellectual property and business relationships. As the dispute unfolds, it highlights the growing complexity of partnerships between crypto firms and traditional financial institutions, particularly in capital intensive sectors such as bitcoin mining.
