Joseph Lubin being sued for $13 million for breach of contract

21 Jul, 2019 | Updated: 21 Jul, 2019
by Richard Allen
News
Joseph Lubin being sued for $13 million for breach of contract

Ethereum co-founder Joseph Lubin is being sued for $13 million by Harrison Hines, founder of ConsenSys-funded startup Token Foundry for breach of contract, CoinTelegraph reports.

According to documents filed with the Supreme Court of the State of New York, Hines has filed a lawsuit against Lubin on the grounds of “breach of contract, conversion, quantum meruit, unjust enrichment, fraud, declaratory judgement and unpaid profits arising from the defendants’ acts in connection with the business known as Token Foundry.”

As such, Hines is hoping to collect more than $13 million, where “the relief sought is monetary damages in the amount of $12,827,000 on the contract, quasi-contract and fraud claims plus $404,783 in unpaid profits.”

As the crypto space becomes more “crowded,” ConsenSys was reportedly considering laying off as much as 60% of its staff, anonymous sources stated. Additionally, ConsenSys was spinning out startups it had previously supported, often without the financial support they needed.

While Vanessa Grellet confirmed to CoinTelegraph in January of this year that layoffs hadn’t exceeded 13% of staff, in May, ConsenSys revealed it would be restructuring its various operations in order to boost its market presence as it looked for $200 million in funding.

 

Read more about: Joseph Lubin

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