Proton Administration argues that Swan Bitcoin by no means owned the mining enterprise in query, because it was a part of 2040 Vitality, a separate entity funded by Tether during which Swan holds solely a minority stake.
Proton claims it’s enhancing the worth of 2040 Vitality, and never harming Swan.
Proton Administration argued in a courtroom submitting that Swan Bitcoin doesn’t personal any mining enterprise of its personal. Proton responded to Swan Bitcoin’s allegations that Proton and 6 ex-employees of Swan conspired to “steal” its mining enterprise.
“Swan doesn’t have a mining enterprise of its personal,” counsel for Proton wrote in a submitting Monday. “Fairly, as Swan admits in its grievance and publicly, what Swan has referred to as its mining enterprise is basically simply the separate entity referred to as 2040 Vitality, which is absolutely funded by Tether.”
Tether isn’t a named defendant within the swimsuit, and spokesperson for the corporate has denied any and all implications of wrongdoing in prior feedback to CoinDesk.
“2040 Vitality isn’t managed by Swan, though Swan maintains a minority stake within the enterprise. By way of the work and ingenuity of the Particular person Defendants, 2040 Vitality efficiently developed mining operations,” the response continues.
Proton says that as a result of Swan’s precarious monetary state of affairs, it carried out a big spherical of layoffs in July 2024.
In early August, a number of key workers voluntarily resigned from Swan as a result of their perception that the corporate was being mismanaged, the courtroom submitting says, and have been subsequently employed by Proton to proceed engaged on 2040 Vitality, during which Swan holds a minority monetary stake.
“Removed from damaging Swan, Proton is enhancing the worth of its minority stake in 2040 Vitality,” Proton wrote in its submitting.
Proton additionally denied utilizing any of Swan’s alleged proprietary data or commerce secrets and techniques, and argued if the data the data in query even belongs to Swan, as it could really belong to 2040 Vitality.
“Swan has suffered no harm by Proton’s actions,” Proton wrote.
Proton can be in search of dismal of the case, claiming that it hasn’t been correctly served. It argues that courts in California haven’t any jurisdiction over it as its a British Virgin Islands-based firm with no business ties to the state.
