Proton Management Responds to Allegations: Swan Bitcoin Does Not Own Any Mining Operations

USDT

Odaily Planet Daily reports that Proton Management argued in a court document that Swan Bitcoin does not own any mining operations, responding to allegations from the latter that six former employees of Proton and Swan Bitcoin conspired to "steal" its mining business. 

"Swan does not have its own mining operations," Proton's attorney wrote in a document on Monday. "Rather, as Swan admits in its complaint and publicly, its so-called mining operations are actually just an independent entity named 2040 Energy, which is fully funded by Tether." 

Tether is not a defendant in the lawsuit, and a spokesperson for the company previously denied any implications of wrongdoing. 

Proton stated, "2040 Energy is not controlled by Swan, despite Swan holding a minority stake in the company. Through the work and talents of individual defendants, 2040 Energy has successfully developed the mining operations." Furthermore, due to Swan's unstable financial situation, it conducted a large-scale layoff in July 2024. (CoinDesk) 

In earlier reports, Australian mining company Swan Bitcoin had filed a lawsuit against a group of former employees and consultants, accusing them of devising and executing a secret plan to "steal" its lucrative Bitcoin mining business with the assistance of Tether. 

Swan Bitcoin claimed that its six former employees stole Swan's trade secrets (including "proprietary code," hash rate optimization techniques, and financial models) and used them to create an "illegitimate copycat company" of Swan's Bitcoin mining operations—Proton Management—with the approval of Tether.

Proton Management responds to allegations: Swan Bitcoin does not own any mining operations itself.