The founder of Token Foundry is suing Ethereum co-founder Joseph Lubin for breach of contract.
Per court documents filed with the Supreme Court of the State of New York County of New York, Hines has filed a lawsuit against Lubin in connection with “breach of contract, conversion, quantum meruit, unjust enrichment, fraud, declaratory judgment and unpaid profits arising from the defendants’ acts in connection with the business known as Token Foundry.”
Hines thus intends to collect over $13 million, wherein “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 Cointelegraph previously reported, anonymous sources stated that ConsenSys could lay off up to 60 percent of its staff as the blockchain space had become more competitive and “crowded,” last December. The company was reportedly spinning out startups it had previously backed, some of them without financial support.
Later in January, ConsenSys’ Executive Director of Enterprise and Social Impact Vanessa Grellet told Cointelegraph that the layoffs did not exceed 13% of staff. All teams at the firm were purportedly reevaluated including technical and non-technical staff.
In May, ConsenSys revealed that it was restructuring its various operations to shore up its market presence as it seeks $200 million in funding.
Visit the USSA News store!
Click this link for the original source of this article.
Author: Ana Alexandre
This content is courtesy of, and owned and copyrighted by, https://cointelegraph.com and its author. This content is made available by use of the public RSS feed offered by the host site and is used for educational purposes only. If you are the author or represent the host site and would like this content removed now and in the future, please contact the USSANews.com administrator by using the contact form located in the top-left menu. Your request will be immediately honored. Please visit https://cointelegraph.com for more terrific, conservative content. The owner of this website may be paid to recommend American Bullion. The content of this website, including the positive review of American Bullion, the negative review of its competitors, and any other information may not be independent or neutral.