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### Episode 8: Does Tether Use “Independent” Valuations to Paper Over Self-Dealing? Swan Is Seeking Documents to Find Out.
Cory Swan’s X post, titled “Episode 8” in his series examining Tether’s practices, announces a U.S. federal court filing by Swan Bitcoin (as Electric Solidus Inc.) seeking discovery from Synteq Digital regarding an alleged conflicted asset sale in the Swan-Tether Bitcoin mining joint venture. The post alleges misuse of “independent” valuations to facilitate self-dealing and connects it to prior claimed patterns of undisclosed conflicts.
#### The Filing: Swan’s §1782 Action in U.S. Federal Court
Swan filed an ex parte application under 28 U.S.C. §1782 on December 16, 2025, in the U.S. District Court for the District of Delaware, targeting Synteq Digital, Inc., a Delaware-based ASIC broker with alleged significant commercial ties to Tether (www.offshorealert.com/swan-bitcoin-v-synteq-digital-inc-discovery-application-british-virgin-islands/). This mechanism allows U.S. courts to compel evidence for use in foreign proceedings.
The application requests subpoenas for documents related to Synteq’s valuation of mining assets sold from the joint venture (2040 Energy Ltd.) to Tether on December 7, 2024. It supports planned litigation in the British Virgin Islands (BVI) High Court for permission to bring a derivative claim in England’s Commercial Court against Tether executives Giancarlo Devasini and Jean-Louis van der Velde for alleged breaches of fiduciary duties.
#### The Asset Sale Connection
The post highlights a December 7, 2024, sale of substantial mining assets (mainly ASICs) from 2040 Energy directly to Tether, approved by Tether-appointed directors Devasini and van der Velde despite alleged conflicts.
These directors, as Tether insiders, allegedly provided Swan’s director (Cory Klippsten) minimal notice and no full documentation, relying on valuations including Synteq’s, claimed to be non-independent due to Synteq’s business relationships with Tether (e.g., references to deposits to CEO Taras Kulyk). Such related-party transactions require arm’s-length fairness under BVI law to protect minority shareholders like Swan.
#### Background on the Joint Venture
2040 Energy Ltd., a BVI entity formed in 2023, saw Swan manage rapid hashrate deployment (claimed as the fastest in Bitcoin history), while Tether funded ASIC purchases.
The JV lacked independent staff, relying on Swan’s team, creating dependencies that Swan alleges were exploited in 2024 events leading to operational control shifting to Tether-aligned entities.
#### The Mass Resignation in August 2024
Thirteen Swan personnel, including CIO Raphael Zagury, resigned en masse in early August 2024, prompting the JV to claim insufficient personnel for operations (protos.com/swan-bitcoin-lawsuit-targets-former-executives-implicates-tether/).
Swan alleges coordination with Tether starting July 2024, forming Proton Management Ltd. (BVI, incorporated days before resignations) and Elektron entities to replace Swan.
#### Founding of Proton and Elektron
Proton and various Elektron entities (in BVI, Delaware, Wyoming) were allegedly pre-formed by Zagury and Alex Holmes to divert the mining business, with Proton installed as manager and Zagury publicly leading operations as Elektron CEO.
#### Documents Left on Swan Servers
Zagury’s notes allegedly included phrases like “rain and hell fire needs to start,” “legal cover from Tether,” Proton’s pre-incorporation for a “staged walk-out,” appointing Proton, and a “10% deposit to Taras” (Synteq CEO), suggesting premeditation and ties to the valuation process.
#### Tether’s Installation of Proton and Zagury’s Public Role
Tether replaced Swan with Proton, consolidating control via majority directors, while Zagury presented the ongoing operations publicly.
#### The December 2024 Asset Sale
Conflicted directors approved the sale to Tether, citing “independent” valuations including Synteq’s, which Swan challenges due to commercial links.
#### Purpose of the §1782 Filing
To obtain Synteq’s communications, methodologies, and Tether interactions as evidence of bias and undervaluation for foreign claims.
#### Broader Pattern of Conduct
The post links to prior episodes alleging similar issues with “independent” labels:
– Episode 4: Zagury as “independent” director at Tether-linked 21 Capital ($XXI) despite alleged Tether ties and role in the JV events (x.com/coryswan/status/1986433388576678314).
– Episode 5: Devasini messages on Northern Data whistleblowers amid probes.
– Episode 7: Undisclosed Tether/Oobit control of VCI Global via token swaps.
This occurs amid cross-jurisdiction litigation, including Tether’s UK suit against Swan for alleged breaches and Swan’s U.S. actions against ex-employees/Proton (blockspace.media/insight/tether-eyes-victory-in-uk-high-court-over-swan-mining-dispute-law360/).
#### Closing: Readers Judge the Pattern; Teaser for Episode 9
The post invites reader judgment and previews Episode 9 on another alleged Tether related-party deal.
The accompanying image—a Tether octopus engulfing the world—symbolizes alleged expansive, undisclosed influence. The series escalates public and legal scrutiny in this ongoing crypto dispute.
Larry Chiang
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