Swan Bitcoin lawsuit against Proton dismissed after UK litigation concession

Swan Bitcoin has dismissed its California lawsuit against Proton Management and several former employees after conceding in related UK litigation that it did not own the trade secrets central to its claims. A Proton statement on June 1 said a federal judge dismissed Swan’s case following Swan’s UK position, which Proton says bars pursuing the same trade-secret claims elsewhere. The dispute arose from the collapse of a Bitcoin mining partnership tied to 2040 Energy, a venture reportedly funded largely by Tether, and had highlighted tensions over control of large-scale mining infrastructure. Proton maintains Swan never owned the underlying mining intellectual property; Swan may still pursue other claims. The dismissal reduces a notable legal overhang in a high-profile mining dispute, potentially easing uncertainty for parties tied to the operation, though broader ownership and funding questions (including Tether’s prior investment) could keep the issue market-relevant.