ConsenSys Faces Multi-Billion Dollar Audit as Shareholders Claim Board Breaches Fiduciary Duties

[VanGogh]

https://www.prnewswire.com/news-releases/blockchain-company-consensys-faces-multi-billion-dollar-audit-as-shareholders-claim-board-breaches-fiduciary-duties---attributed-to-arthur-falls-301493433.html

SAN FRANCISCO, March 1, 2022 /PRNewswire/ -- On Tuesday the 1st of March 2022, a group of thirty-five former employees representing more than 50% of all known ConsenSys AG (CAG) shareholders filed a request for a special audit pursuant to art. 697a et seq. of the Swiss Code of Obligations. The special audit is to investigate serious irregularities at CAG.

Joseph Lubin

On August 14, 2020, fundamental intellectual property and subsidiaries were illegally transferred from CAG into a new entity, ConsenSys Software Incorporated (CSI), in exchange for 10% ownership of CSI and an offset of a $39 million loan by founder Joseph Lubin. Internally code named "Project North Star", the transaction resulted in legacy financial institutions such as JPMorgan Chase acquiring an influential stake in MetaMask and Infura, two of the most widely used infrastructure tools in Ethereum. One year later, this intellectual property was used to raise funding for CSI at a valuation of $3 Billion, with rumors of a $7 Billion valuation for the current round.

Edited March 2, 2022 by VanGogh
quotes

[VanGogh]

 

 

[RipMcGillicuddy]

Have a feeling the Army is going to make absolutely sure this news does not fly under the radar. L.F.G.

[VanGogh]

5 minutes ago, RipMcGillicuddy said:

Have a feeling the Army is going to make absolutely sure this news does not fly under the radar. L.F.G.

Would like it if those who hold Ethereum sold for XRP.

Wondering if this is the moment the rats start throwing each other under the bus?

Edited March 2, 2022 by VanGogh
commentary

[Julian_Williams]

An audit? - does that mean we will get to see how many eth were bought at super low prices by the founders and JP Morgan and other Eth Foundation whales, and how many they still own.  It would be an embarrassment if they owned a higher percentage than Ripple have of XRP.  

[jag216]

Nice stack of obfuscated purchases only denoted by email you've got here.

Be a real shame if you needed to provide KYC AML information for all of those, and a number of them were in the US, and a number of them used the token sale to hide funds and evade taxes.

Edited March 2, 2022 by jag216

[VanHasen]

Bring them hell!!

also there is this

 

 

[NightJanitor]

 

[Danny]

I'm sceptical. I would love to see the truth being revealed but who's going to conduct the audit? What if the parties involved just settle? 

[VanGogh]

Forbes Article:

https://www.forbes.com/sites/jeffkauflin/2018/12/05/cryptopia-in-crisis-billionaire-joe-lubins-ethereum-experiment-is-a-mess-how-long-will-he-prop-it-up/?sh=169dac682f0a

 

Edited March 3, 2022 by VanGogh