- Proton Management refutes Swan Bitcoin’s claims of mining business theft.
- Swan alleged Proton stole the firm’s software code and used it to launch their new business.
- Proton argues that Swan doesn’t own a mining business but relies on a separate entity, 2040 Energy.
Bitcoin mining company Proton Management has denied competitor Swan Bitcoin’s allegations of mining theft. Also, in their recent filing, Proton Management stated that Swan Bitcoin does not own a mining business.
Proton’s lawyers argue that Swan Bitcoin relies on a separate entity, 2040 Energy, funded by Tether, for its mining operations. They claim 2040 Energy is not controlled by Swan Bitcoin, which only holds a minority stake.
Swan Bitcoin Sues Proton Management
Proton Management’s filing was in response to the lawsuit filed by Swan Bitcoin, which accused six ex-employees and Proton of conspiring to steal Swan’s mining business. The lawsuit alleged that the employees stole software code and used it to launch their own mining firm.
These employees allegedly created an “illegal facsimile” of Swan’s mining business, Proton Management. The lawsuit claims this new business convinced Tether to switch allegiance from Swan, causing significant damage. Swan Bitcoin asserts that Proton Management intentionally harmed Swan’s market competitiveness.
Proton Seeks to Dismiss the Case
In response to the allegations, Proton clarified that they are boosting the value of Swan’s stake in 2040 Energy. The statement read, “Far from damaging Swan, Proton is enhancing the value of its minority stake in 2040 Energy.”
Further, Proton Management denied Swan’s accusations of using proprietary information or trade secrets. They also raised questions about the actual ownership of the mentioned intellectual property. Moreover, they asserted that Swan Bitcoin hasn’t suffered any damage from Proton’s activities. Claiming that the firm hasn’t been properly served, Proton Management requested the court to dismiss the lawsuit.
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