Swan Bitcoin has dismissed its lawsuit against Proton Management and several former employees, marking a significant turn in the legal battle over a Bitcoin mining venture involving Tether. A federal judge dismissed Swan's California lawsuit after Swan allegedly conceded in UK litigation that it did not own the trade secrets central to its claims. The dispute originated from the collapse of a Bitcoin mining partnership linked to 2040 Energy, a joint venture reportedly backed by Tether. Swan had accused Proton and former employees of misappropriating proprietary mining infrastructure and trade secrets. Proton denied these allegations, asserting that Swan never owned the intellectual property in question. The UK litigation, involving Tether, reshaped the case, leading to the dismissal of the California suit. However, Proton's claims about the legal outcome have not been independently confirmed, and Swan may pursue other legal avenues.