In a recent turn of events, Ethereum’s co-founder, Joseph Lubin, is under legal scrutiny over alleged issues in equity promises related to his blockchain technology company, ConsenSys.

ConsenSys, recently appraised at roughly $7 billion, is at the center of these allegations. The company, which has been instrumental in numerous blockchain innovations, is now caught in a maelstrom of accusations, primarily revolving around equity commitments and asset transfers.

Accusations And Alleged Equity Violations

A group of over twenty former employees has lodged a lawsuit against Lubin, suggesting that the Ethereum co-founder orchestrated a complex asset transfer within the holding structure of ConsenSys.

The group particularly claimed that valuable assets, including the renowned web3 wallet MetaMask, were strategically moved out of the Swiss-based ConsenSys AG, rendering their shares virtually valueless.

According to the report, these allegations paint a picture of deliberate manipulation where Lubin, aided by ConsenSys General Counsel Matt Corva, allegedly shifted these assets to a new US-centric entity named ConsenSys Software Inc (CSI) in 2020. As disclosed in the report, the purported objective behind this move was to attract external investors.

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Author: Samuel Edyme

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