Proton Administration argues that Swan Bitcoin by no means owned the mining enterprise in query, because it was a part of 2040 Power, a separate entity funded by Tether through which Swan holds solely a minority stake.
Proton claims it’s enhancing the worth of 2040 Power, 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. “Relatively, 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 Power, which is absolutely funded by Tether.”
Tether shouldn’t be 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 Power shouldn’t be managed by Swan, though Swan maintains a minority stake within the enterprise. Via the work and ingenuity of the Particular person Defendants, 2040 Power efficiently developed mining operations,” the response continues.
Proton says that attributable to Swan’s precarious monetary scenario, it carried out a big spherical of layoffs in July 2024.
In early August, a number of key staff voluntarily resigned from Swan attributable to their perception that the corporate was being mismanaged, the courtroom submitting says, and have been subsequently employed by Proton to proceed engaged on 2040 Power, through which Swan holds a minority monetary stake.
“Removed from damaging Swan, Proton is enhancing the worth of its minority stake in 2040 Power,” Proton wrote in its submitting.
Proton additionally denied utilizing any of Swan’s alleged proprietary info or commerce secrets and techniques, and argued if the knowledge the knowledge in query even belongs to Swan, as it might really belong to 2040 Power.
“Swan has suffered no injury by Proton’s actions,” Proton wrote.
Proton can also be searching for 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.
