Odaily Planet Daily News Proton Management argued in a court filing that Swan Bitcoin does not own any mining business itself, responding to the latter's allegations that Proton and six former employees of Swan Bitcoin conspired to "steal" its mining business. "Swan does not have its own mining business," Proton's lawyers wrote in a filing on Monday. "Rather, as Swan has stated in its complaint and publicly admitted, its so-called mining business is actually just an independent entity called 2040 Energy, which is entirely funded by Tether." Tether is not a defendant in the lawsuit, and a spokesperson for the company has previously denied all suggestions of wrongdoing. Proton said: "2040 Energy is not controlled by Swan, although Swan holds a minority stake in the company. Through the work and talents of the individual defendants, 240 Energy successfully developed a mining business." In addition, due to Swan's unstable financial situation, it carried out a round of large-scale layoffs in July 2024. (CoinDesk) Earlier news, Australian mining company Swan Bitcoin has filed a lawsuit against a group of former employees and consultants, accusing them of planning and executing a secret plan with the help of Tether to "steal" its lucrative Bitcoin mining business. Swan Bitcoin said that its six former employees stole Swan's trade secrets (including "unique code", hash rate optimization technology and financial models) and used them to create an "illegal copy company" of Swan's Bitcoin mining business-Proton Management, and all of this was approved by Tether.