Home / Cryptocurrency / Founder of Former ConsenSys-Backed Startup Sues Joseph Lubin for $13M

Founder of Former ConsenSys-Backed Startup Sues Joseph Lubin for $13M

The founding father of ConsenSys-incubated startup Token Foundry, Harrison Hines, is suing Ethereum co-founder Joseph Lubin for breach of contract.

According to courtroom paperwork filed with the Ideal Courtroom of the State of New York County of New York, Hines has filed a lawsuit towards Lubin in reference to “breach of contract, conversion, quantum meruit, unjust enrichment, fraud, declaratory judgment and unpaid earnings coming up from the defendants’ acts in reference to the trade referred to as Token Foundry.”

Hines thus intends to assemble over $13 million, during which “the relaxation sought is financial damages within the quantity of $12,827,000 at the contract, quasi-contract and fraud claims plus $404,783 in unpaid earnings.”

As Cointelegraph prior to now reported, nameless assets said that ConsenSys may lay off as much as 60 p.c of its body of workers because the blockchain house had grow to be extra aggressive and “crowded,” closing December. The corporate was once reportedly spinning out startups it had prior to now sponsored, a few of them with out monetary reinforce.

Later in January, ConsenSys’ Government Director of Undertaking and Social Affect Vanessa Grellet instructed Cointelegraph that the layoffs didn’t exceed 13% of body of workers. All groups on the company have been purportedly reevaluated together with technical and non-technical body of workers.

In Might, ConsenSys published that it was once restructuring its more than a few operations to shore up its marketplace presence because it seeks $200 million in investment.

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