Swan Bitcoin Drops Federal Lawsuit Against Proton After UK Court Concession Kills Its Core Claims

Proton denied the claims from the start. Defense attorneys argued that Swan never operated an independent mining business of its own. The operations in question, they said, were connected to a separate Tether-funded entity commonly referenced as 2040 Energy, not Swan itself.

That argument held. In related UK litigation, Swan conceded it does not own any of the alleged proprietary assets, documents, or trade secrets that formed the basis of the California case.

Amanda Russo, partner at Goodwin, called the dismissal a significant victory. “Swan’s case has finally been dismissed from a forum it never belonged in the first place,” she said.

Matthew Kanny, also a partner at Goodwin, noted the defense had already defeated Swan’s requests for a temporary restraining order and expedited discovery before the full dismissal came through.

Proton stated that Swan is now permanently prohibited from pursuing these specific trade secrets claims in any venue, based on the concessions made in the UK proceedings. The company disclosed that it expects any future claims Swan might attempt to file to reach the same outcome.

Swan has not publicly issued a statement on the dismissal. Proton said it has addressed these matters through the courts and remains focused on its mining operations and growth strategy.

The lawsuit has been active since late 2024. Proton characterized the suit as retaliatory, filed after its personnel departed Swan during a period of internal financial difficulty. The California federal court dismissal on June 1 closes that chapter.