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.

Per court docket paperwork filed with the Supreme 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 income arising from the defendants’ acts in reference to the enterprise often called Token Foundry.”

Hines thus intends to gather over $13 million, whereby “the aid sought is financial damages within the quantity of $12,827,000 on the contract, quasi-contract and fraud claims plus $404,783 in unpaid income.”

As Cointelegraph beforehand reported, nameless sources said that ConsenSys may lay off as much as 60 % of its workers because the blockchain area had develop into extra aggressive and “crowded,” final December. The corporate was reportedly spinning out startups it had beforehand backed, a few of them with out monetary assist.

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

In Might, ConsenSys revealed that it was restructuring its numerous operations to shore up its market presence because it seeks $200 million in funding.

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