The founding father of ConsenSys-incubated startup Token Foundry, Harrison Hines, is suing Ethereum co-founder Joseph Lubin for breach of contract.

Per courtroom paperwork filed with the Supreme Court docket of the State of New York County of New York, Hines has filed a lawsuit in opposition to Lubin in reference to “breach of contract, conversion, quantum meruit, unjust enrichment, fraud, declaratory judgment and unpaid earnings arising from the defendants’ acts in reference to the enterprise referred to as Token Foundry.”

Hines thus intends to gather over $13 million, whereby “the reduction sought is financial damages within the quantity of $12,827,000 on the contract, quasi-contract and fraud claims plus $404,783 in unpaid earnings.”

As Cointelegraph beforehand reported, nameless sources acknowledged that ConsenSys might lay off as much as 60 % of its employees because the blockchain area had develop into extra aggressive and “crowded,” final December. The corporate was reportedly spinning out startups it had beforehand backed, a few of them with out monetary assist.

Later in January, ConsenSys’ Government Director of Enterprise and Social Impression Vanessa Grellet instructed Cointelegraph that the layoffs didn’t exceed 13% of employees. All groups on the agency have been purportedly reevaluated together with technical and non-technical employees.

In Might, ConsenSys revealed that it was restructuring its numerous operations to shore up its market presence because it seeks $200 million in funding.






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