Joseph Lubin being sued by Token Foundry
The founder of Token Foundry, Harrison Hines, is officially suing Joseph Lubin. Lubin is one of the co-founders of Ethereum and is being sued for a breach of contract. The court documents filed by Mr Hines indicates that Joseph Lubin breached his contract by conducting in unjust enrichments, conversion fraud, quantum merits, declaratory judgement and not paying profits of clients with Token Foundry. If these claims are correct, a significant sum will be awarded to the Token Foundry. Currently, it’s unknown as to when the courts will review this claim.
Harrison Hines is demanding that for the breach of contract, more than $13 million be paid out to the company. This will also include the sum of unpaid profits that Token Foundry has yet to receive. The official court documents read: “The relief sought is monetary damages for $12,827,000 on the contract, quasi-contract and fraud claims plus $404,783 in unpaid profits.”
Harrison Hines Finds Vindication
Token Foundry was founded in 2018 as a subsidiary of ConsenSys, a blockchain firm that promotes the design of digital tokens and purchasing of tokens for clients. CoinDesk, an analytic firm, revealed that in 2018, the company earned more than $50 Million in profit. These profits were the result of consulting services and digital token fees.
Token Foundry has had significant clients in the past, including Dether. This exchange was able to earn $13.4 Million in their initial coin offering. Furthermore, Token Foundry has also assisted Virtue Poker and FOAM. Both of which earned $18.5 and $16.5 Million respectively with their first initial coin offering. Hines is no longer with Token Foundry; he was relieved of duties last year for unknown circumstances. Many consider his leave of absence to be a betrayal, but the announcement of him suing Joseph Lubin on behalf of Token Foundry shows that he’s back with the company. After more than nine months, Harrison Hines has found his vindication.
The Story of Joseph Lubin
Joseph Lubin is a co-founder for one of the largest cryptocurrency exchanges in existence, Ethereum. The exchange was founded in 2014 with funds from ConsenSys& personal loans. The two companies focused on the development of an ecosystem that could provide credible services for decentralized applications. Today, the company has a full blockchain infrastructure and advises governments on cryptocurrency.
The partnership of Token Foundry &Ethereum resulted in the cryptocurrency exchange not accurately paying profits and disobeying multiple protocols in a combined contract. Regardless, Ethereum thrives onwards and is looking to raise $200 Million from South Korean investors. Whatever the courts decide will hardly affect the growth and rise of Ethereum.