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 through 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 court docket 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. “Somewhat, as Swan admits in its criticism and publicly, what Swan has referred to as its mining enterprise is de facto simply the separate entity referred to as 2040 Vitality, which is absolutely funded by Tether.”
Tether just isn’t a named defendant within the go well with, and spokesperson for the corporate has denied any and all implications of wrongdoing in prior feedback to CoinDesk.
“2040 Vitality just isn’t managed by Swan, though Swan maintains a minority stake within the enterprise. By the work and ingenuity of the Particular person Defendants, 2040 Vitality efficiently developed mining operations,” the response continues.
Proton says that resulting from 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 resulting from their perception that the corporate was being mismanaged, the court docket submitting says, and had been subsequently employed by Proton to proceed engaged on 2040 Vitality, through 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 injury 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 don’t have any jurisdiction over it as its a British Virgin Islands-based firm with no industrial ties to the state.
