As reported by Odaily, Proton Management has denied accusations from Swan Bitcoin regarding the alleged theft of its mining operations. In a recent court document, Proton asserted that Swan Bitcoin does not possess any mining assets. According to Proton’s attorney, the mining business in question is actually an independent company named 2040 Energy, which is entirely funded by Tether. Notably, Tether is not involved as a defendant in the lawsuit and has denied any misconduct.

Proton clarified that 2040 Energy functions separately from Swan, even though Swan holds a minority interest in the company. The achievements of 2040 Energy’s mining endeavors are credited to the skills and efforts of the individual defendants. Furthermore, Proton pointed out Swan’s precarious financial state, which resulted in significant layoffs in July 2024.

Swan Bitcoin, an Australian mining firm, had previously filed a lawsuit against several former employees and consultants, alleging that they conspired with Tether to pilfer its lucrative Bitcoin mining operations. The lawsuit claims that six ex-employees misappropriated trade secrets, including proprietary code, hash rate optimization methods, and financial models, to establish an unauthorized company, Proton Management, with Tether’s backing.