Companies

Zooko’s Electric Coin Company is being sued by a former employee

June 11, 2019, 6:30AM EDT

The Electric Coin Company (formerly ZCash Company or Zerocoin Electric Coin Company) is facing a breach of contract suit from one of its employees to the tune of $2 million dollars. Simon Liu alleges the company failed to grant him 15,000 units of common stock, which he said he bought after his employment contract was amended to include an “incentive stock option." However, he claims the company wasn’t authorized to issue company stock to employees and moreover, that his superiors knew that.

In the suit, issued on May 29, Liu also alleges the company created, or at least permitted, a hostile work environment for him. His suit states this was due to internal disclosures that he had stirred bad feelings by spreading unverified information to coworkers within the Electric Coin Company.

For its part, Electric Coin Company told The Block it wasn't able to comment on pending litigation.

The former Zcash company changed its name in February to avoid confusion between itself and the Zcash foundation, which is a non-profit separate from the company.

The majority of Liu's claims surround events that occurred in 2016 and 2017, prior to Electric Coin Company's rebrand.

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