Ethereum co-founder Joseph Lubin could soon be sued by a former employee, according to court documents filed in New York.
Harrison Hines, former head of Token Foundry at Lubin’s Brooklyn-based venture studio ConsenSys, began the process of filing a legal complaint in June against his former employer. The complaint seeks more than $13 million for alleged fraud, breach of contract, unjust enrichment and unpaid profits.
Ethereum co-founder Joseph Lubin, head of the Brooklyn-based venture studio ConsenSys, is moving to appease employees who say they’re fed up with unfulfilled promises about equity disbursements.
Out of seven current or former ConsenSys employees interviewed by CoinDesk, four said they felt misled about the company’s employee share options. Although most employees are verbally and contractually promised they will soon have an opportunity to obtain ConsenSys shares, few receive it or are able to use it, said the sources, all of whom spoke on the condition of anonymity.
Facebook’s announcement that it would create a stablecoin on a blockchain means more as a competitive answer to WeChat and Alipay’s payment services than it does to the crypto industry, according to AngelList co-founder Naval Ravikant.
Ravikant told CoinDesk via email:
“I don’t think it means much for crypto because it’s not really (sovereign-resistant) crypto.”
The immediate question for the crypto industry following the announcement of Facebook’s ambitious Libra project was whether this new token will lead more users into the broader world of cryptocurrency or insulate them from other projects.
ConsenSys is restructuring as it seeks to raise $200 million.
The ethereum-centric conglomerate’s ConsenSys Ventures arm, originally founded in September 2017 with a $50 million war chest from founder Joseph Lubin, is now being combined with other sectors of the ConsenSys “mesh,” including the Tachyon startup accelerator and ConsenSys Labs.
ConsenSys is seeking a funding boost.
Ethereum co-founder Joe Lubin’s Brooklyn-based venture studio is looking to raise $200 million from external investors, The Information reported Monday, at a valuation of $1 billion.
The Information reports that ConsenSys is pitching Chinese investors with materials claiming the company aims to earn $50 million in revenue this year, primarily from contracts with enterprise and government clients.