Proton Management asserted, "Swan does not have a mining business of its own. Rather, as Swan admits in its complaint and publicly, what Swan has called its mining business is really just the separate entity called 2040 Energy, which is fully funded by Tether." The response emphasizes that the mining operations attributed to Swan Bitcoin are part of a distinct organization funded by Tether, highlighting the alleged misunderstanding in Swan’s complaints.
Additionally, Proton's filing pointed out, "2040 Energy is not controlled by Swan, although Swan maintains a minority stake in the business. Through the work and ingenuity of the Individual Defendants, 2040 Energy successfully developed mining operations." This indicates that while Swan has a minor financial interest, it lacks direct control over the operations and cannot claim ownership.
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