Bitcoin mining firm Proton says Swan lawsuit ‘fatally flawed’
In response to Swan Bitcoin’s recent lawsuit, bitcoin mining firm Proton Management has claimed that Swan “does not have a mining business of its own,” effectively denying the legality of the suit.
Last week, Swan Bitcoin filed a complaint in the Central District of California that Proton “hatched and executed a ‘rain and hellfire’ plan to steal Swan’s” mining business. It accuses several of its former consultants of misappropriating Swan’s intellectual property to “copy” its operations at Proton.
However, in a written response filed on Monday, Proton claims that Swan didn’t have a mining business to copy in the first place. “Rather, as Swan admits in its complaint and publicly, what Swan has called its mining business is really just a separate entity called 2040 Energy, which is fully funded by Tether.”
Read more: We asked Swan CEO about layoffs, withdrawal times, and the canceled IPO
Proton’s response continues to state that Swan only holds a minority stake in 2040 Energy, and that the accused consultants voluntarily left Swan because of poor management, and just happened to go on to work for Proton.
“Swan has suffered no damage by Proton’s activities,” the response claims, and even states that the firm is “enhancing the value of [Swan’s] minority stake in 2040 Energy.”
Proton insists that no IP has been stolen and requests the case be dismissed, especially because the firm operates entirely overseas.
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