According to Odaily Planet Daily, Proton Management argued in court documents that Swan Bitcoin has no mining business, responding to its allegations that six former employees of Proton and Swan Bitcoin conspired to steal its mining business.

Proton’s lawyers said Swan’s alleged mining operation was a separate entity, 2040 Energy, funded by Tether. Tether has denied all suggestions of wrongdoing.

Proton said 2040 Energy was not controlled by Swan, although Swan held a minority stake. Massive layoffs were carried out in July 2024 due to Swan's financial instability.

Previously, Swan Bitcoin accused former employees and consultants of stealing its trade secrets with the help of Tether to create an illegal replica company, Proton Management.