Over two dozen former employees of Ethereum infrastructure firm ConsenSys have filed a lawsuit against the company’s founder and CEO, Joseph Lubin. The plaintiffs claim that Lubin breached a promise made in 2015 not to dilute employee equity shares. They allege that Lubin lured them to work for ConsenSys by promising that the firm would become the “future of cryptocurrency” and the “crypto Google.” The plaintiffs argue that Lubin not only broke his promise but also profited from it while they received nothing. They claim that their shares became worthless when Lubin transferred assets to a new US-based entity in 2020. The plaintiffs also named JPMorgan as one of the defendants, alleging that it played a role in negotiating the asset transfer. A ConsenSys spokesperson called the claims “frivolous” and stated that the plaintiffs are attempting to enrich themselves through litigation. The plaintiffs are seeking damages across six separate causes of action.
