Zcash sued for $2 Million by ex-employee over unpaid stocks

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Updated: 12 June 2019
  • The company behind Zcash cryptocurrency has been hit with a $2 million lawsuit filed by an ex-employee;
  • The ex-employee took legal action due to unpaid stock;
  • They also claim that the company was not legally permitted to even offer equity.

The company behind Zcash cryptocurrency is faced with a lawsuit worth $2 million. This legal challenge is happening because of unpaid shares towards an ex-employee. The documents originally filed on 29th May seem to confirm that fact. According to the suit, which appeared at the Superior Court of California for the County of San Francisco, an ex-employee sued the company as he did not receive $15,000 of stock in 2016. The aforementioned ex-employee is Simon Liu, who worked for Zerocoin, which is now known as the Electric Coin Company.

As the document states, the “Plaintiff is informed and believes, and thereon alleges, that Zerocoin did not have the authorisation to issue common stock to employees in 2016, and that Defendants, and each of them, were aware that Zerocoin did not have such authorisation.”