TechFlow news: Consensys, the parent company of MetaMask, is recently facing a lawsuit from over 20 early employees. The employees allege that Joseph Lubin, co-founder of Ethereum and founder of Consensys, initially attracted them to join the company with lower salaries by promising equity rewards. These employees were allocated approximately 30% of the company's shares and currently hold around 9% of its stock.
In 2020, Lubin transferred company assets to a newly formed U.S. entity, rendering the early employees' shares nearly worthless. In this lawsuit, the employees are seeking compensation from Lubin for damages resulting from the loss in equity value.
Consensys is currently valued at over $7 billion. Joseph Lubin, its founder, previously co-founded Ethereum alongside Vitalik Buterin.
