Did JP Morgan buy MetaMask? Shareholders of the company file a lawsuit

Some shareholders of ConsenSys (the company that created MetaMask) recently learned that the company had sold MetaMask to JP Morgan.

This situation has caused a great stir within the company itself, since some shareholders have denounced that it was sold illegally. That is why those affected have filed a lawsuit against the company in order to cancel the sale.

What is ConsenSys?

This is a Blockchain technology company founded by one of the creators of Ethereum. The company is dedicated to many things, but one of its "star" products is MetaMask.

MetaMask is a wallet that is used to store a large number of cryptocurrencies. In addition, within the same platform they have an application that is used to swap between different currencies.

This tool became very popular because it was the most used wallet in the world of NFT games. This fame seems to have caught the attention of some people who

What does the lawsuit say?

ConsenSys was founded by Joe Lubin, one of several co-founders of Ethereum.

The lawsuit alleges that Lubin benefited by retaining ownership of the lucrative assets and transferring the debt to the former company. Lubin is the majority shareholder of both ConsenSys CAG and ConsenSys Software (CSI).

Former employees take advantage of the Swiss Code of Obligations, which could nullify previous transactions. Lubin and Frithjof Weinert, a member of the board of directors, were both directors of CAG and CSI, which is not allowed as dual representation under Swiss and US law.

The report also alleges that no shareholder meetings were held and that all parties were not present when the votes were held and the asset transactions were discussed and approved.

What has the company said in its defense?

ConsenSys has responded to these accusations and has ensured that things did not happen as the shareholders claim, according to a statement issued by Diana Richter, the company's head of marketing.

As you mentioned, the transaction was carried out a few months ago, to be more precise, in April 2021. And the sale of the assets was carried out with the approval of the majority of the shareholders.

It should be noted that Lubin is the majority shareholder of the company, so the decision could have been made by himself.

Is MetaMask from JP Morgan?

Although the shareholders assure that the intellectual property of the company (MetaMask) was sold, the truth is that there is nothing public. At the moment, ConsenSys remains the owner.

Investigations are being carried out by the authorities and nothing is certain until they make a decision. Lubin took advantage of his position to sell it, but this contradicts some laws, both in Switzerland and in the United States.

We have to wait for the final decision to be made and what is the matter. In the event that JP Morgan's purchase of MetaMask becomes official, users may have a clash.

It is not known how this could affect the application, since the giant financial conglomerate has many detractors. In addition, it is not known what the company's movements may be, since we remember that MetaMask is a decentralized wallet.