Swan Bitcoin, a cryptocurrency-focused financial services firm, has taken its legal battle with Gibson, Dunn & Crutcher to court, accusing the law firm of malpractice after it sought to drop Swan as a client amidst a trade secrets lawsuit.
On Monday, Swan filed a temporary restraining order in Los Angeles Superior Court to prevent Gibson Dunn from ending its representation. The firm alleges Gibson Dunn’s actions were inappropriate, claiming the law firm prioritized its new ties with Tether over Swan’s interests. Swan’s lawyer, Dave Wollmuth, stated,
“As outlined in our complaint, we believe Swan’s treatment here has been highly inappropriate.”
Gibson Dunn requested to withdraw from Swan’s federal trade secrets lawsuit, citing a “complete breakdown” in their relationship due to Swan’s refusal to pay legal fees and ongoing malpractice allegations. The law firm indicated that Swan demanded $18 million to avoid opposing their withdrawal, which was unacceptable.
The issue started after Gibson Dunn filed a lawsuit for Swan against Tether-backed Proton Management, alleging misappropriation of confidential documents. Although Tether is not a defendant, Swan argued that Gibson Dunn’s hiring of attorney Berke, who regularly represents Tether, created a conflict of interest. Swan claims it was informed of this conflict shortly before Berke’s hiring announcement and was advised to find new counsel.
Meanwhile, On November 14, Tether announced the launch of a new platform called “Hadron.” This platform enables businesses and individuals to tokenize real-world assets such as stocks, bonds, equities, loyalty points, and stablecoins. In a blog post, Tether explained that Hadron aims to broaden the possibilities of asset tokenization and make it more accessible across various markets. The platform provides comprehensive services for managing the lifecycle of tokenized assets, emphasizing modularity, security, and advanced compliance tools that include KYC (Know Your Customer), AML (Anti-Money Laundering), KYT (Know Your Transaction), and risk management protocols.
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