Ethereum co-founder Joseph Lubin is facing a lawsuit from more than two dozen former Consensys employees, accusing him, Consensys and other parties of siphoning valuable assets out of the Swiss holding company.
The complaint was correct.SubmitIn New York State Court on Thursday claiming that the assets Including the web3 MetaMask wallet, they were transferred from Consensys AG, leaving them with worthless shares.
Lubin was accused of It was they who managed to move assets to CSI, a new US company, in 2020 so they could solicit outside investment. With the help of Matt Corva, General Counsel of Consensys
Lubin also brought in JPMorgan, which received 10% of CSI in exchange for its own blockchain business. Corva, JPMorgan and Umar Farooq, JPMorgan’s global head of blockchain, are also listed as defendants, according to the complaint.
When Lubin founded Consensys in 2014, many employees accepted lower salaries with the understanding that they would receive company stock. According to the indictment, Lubin gave 30% of the company’s stock to employees. The plaintiffs hold approximately 9% of the shares.
Legal representatives for former employees claim that as Lubin grew richer, those who believed in his early vision and accepted shares instead of higher salaries. Instead, it ends with an empty promise. “He broke his word.” lawyer writes “In this process He violated his legal obligations and duties, and while Lubin became rich, the plaintiff gained nothing.”
refer : theblock.co
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