Proton Management’s Response to Allegations Against Swan Bitcoin
Proton Management has come forward to address the allegations made by Swan Bitcoin regarding the ownership of a mining business. According to Proton, the mining business in question actually belongs to 2040 Energy, a separate entity funded by Tether, in which Swan only holds a minority stake.
Proton asserts that its actions are aimed at enhancing the value of 2040 Energy and not causing harm to Swan Bitcoin.
In a court filing, Proton Management stated that Swan Bitcoin does not have its own mining business. Instead, the so-called mining business is operated by 2040 Energy, which is fully funded by Tether.
It is important to note that Tether is not a defendant in the lawsuit and has denied any allegations of misconduct.
According to Proton, 2040 Energy is not under Swan’s control, despite Swan maintaining a minority stake in the entity. Proton credits the success of 2040 Energy’s mining operations to the efforts of the Individual Defendants.
Proton highlights that due to Swan’s financial instability, the company underwent significant layoffs in July 2024. Subsequently, key employees voluntarily left Swan in early August, citing mismanagement as the reason. These employees were then recruited by Proton to continue their work on 2040 Energy.
Contrary to Swan’s claims, Proton insists that it is actually adding value to Swan’s minority stake in 2040 Energy.
Proton refutes allegations of using Swan’s proprietary information or trade secrets, arguing that the disputed information may rightfully belong to 2040 Energy.
Proton’s filing also emphasizes that Swan has not incurred any damages as a result of Proton’s actions.
Additionally, Proton is seeking dismissal of the case on the grounds of improper service. The company asserts that it lacks commercial ties to California, as it is based in the British Virgin Islands.