Lubin and Consensys, now valued at over $7 billion, are accused of violating equity promises made in its early startup days.
Ethereum co-founder Joseph Lubin is facing a lawsuit from more than two dozen former Consensys employees, accusing him, Consensys and other parties of maneuvering valuable assets out of its Swiss holding company.
Lubin allegedly arranged to move the assets to a new U.S.-based company, CSI, in 2020, so it could solicit outside investment, with the help of Consensys General Counsel Matt Corva, enabling Lubin to replace the plaintiffs with Wall Street investors. Legal representatives for the former employees argue that while Lubin prospered, those who believed in his early vision and accepted stock over higher pay ended up with empty promises. “He broke his word,” the lawyers wrote. “In the process, he violated his legal commitments and duties. While Lubin got rich, plaintiffs got nothing.”
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