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Promote with Leviathan NewsMore than two dozen former employees of Consensys AG have sued Ethereum co‑founder Joseph Lubin in New York state court, alleging that he “vaporized” the value of their promised equity by moving key assets into a different company. The plaintiffs say that in the early years of Consensys, Lubin recruited them away from other careers with below‑market salaries and assurances that they would receive meaningful equity in a central “hub” entity, the Swiss holding company Consensys AG (also known as Consensys Mesh). According to the complaint, workers were told they were helping build the “crypto Google” and that their stock would reflect the value of core products as the business grew. The lawsuit claims that in 2020 Lubin and close associates stripped Consensys AG of its primary assets, including flagship products such as the MetaMask wallet and the Infura infrastructure service, and transferred them to a separate US‑based company, Consensys Software Inc. (CSI), controlled by Lubin. The ex‑employees argue that they were left holding shares in a hollowed‑out Swiss entity, while the economic upside and outside investment potential were concentrated in CSI, allegedly benefiting Lubin, select insiders, and strategic partner JPMorgan, which reportedly received equity and a board seat in the new structure. This dispute matters because Consensys has become one of the most prominent firms in the Ethereum ecosystem, with valuations reported in the multibillion‑dollar range, and the case highlights ongoing tensions around founder control, corporate restructuring, and employee equity promises in fast‑growing Web3 startups.
AI-generated background, compiled from web sources — not editorial content.
Dropsitenews ·
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𝕏/@Polysights ·
Coindesk ·
Coindesk ·
consensys.io ·
Dropsitenews ·
metamask.io ·
𝕏/@Polysights ·
Coindesk ·
Coindesk ·
consensys.io ·
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