Bloomberg: ConsenSys founder sued by over 20 former employees, accused of depriving stock reward value

ChainCatcher news, according to Bloomberg, over 20 former employees of MetaMask's parent company ConsenSys have sued ConsenSys founder Joseph Lubin (also a co-founder of Ethereum) for depriving employees of the value of stock rewards. These former employees worked in the early version of ConsenSys in 2014, accepting lower salaries in exchange for the promise of equity in the company. Joseph Lubin ultimately allocated 30% of the holding company's shares to employees, with the suing former employees holding about 9% of the shares. In 2020, Joseph Lubin arranged for these assets (including some crypto tools developed by the suing software engineers and product designers) to be transferred to a new U.S. company, rendering the shares held by some of his earliest employees nearly worthless.

According to crypto data platform RootData, ConsenSys has raised over $700 million from investors, with a valuation exceeding $7 billion.