Celo startup cLabs alleges misconduct after top developer exits

Nov 22, 2021 | The Block News | 0 comments


cLabs — one of the companies behind the Celo blockchain network — has experienced a tech snafu, and the company is pointing fingers at a star developer who recently parted ways with the project.

In a forum post published Sunday, Tim Moreton, head of engineering at cLabs, claimed that cLabs fired former Summa founder James Prestwich on the basis of misconduct.

Second, Moreton claimed that 15 minutes after Prestwich was fired, he activated a recovery mode on Optics — Celo’s cross-chain swap protocol — that could have given Prestwich control over the whole protocol.

“We do not believe funds in the bridge are currently at risk. Neither the Ethereum nor Celo networks are impacted. But this type of takeover has no place in the community,” Moreton said.

In response, Prestwich said: “I have never been a keyholder on Optics recovery mode. I am disappointed that cLabs and Celo have chosen to bring their bullying into public spaces, and that they chose to lie about me to attack my reputation. On the advice of my lawyer, I have nothing else to say right now.

The Block has reached out to Prestwich and cLabs for comment and will update this article should we hear back.

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

News Source from TheBlockCrypto.com

Related Articles

Facebook (Meta) Removes It’s Ban Of Crypto Ads

Facebook (Meta) Removes It’s Ban Of Crypto Ads

Crypto advertising on social media has been a hot topic throughout the year. We’ve covered much of the back and forth both at Bitcoinist and over at our sister network NewsBTC over the years. A prime example of this occurred in recent months Google shifted their...

FTX.US adds support for Ethereum-based NFTs to its marketplace

FTX.US adds support for Ethereum-based NFTs to its marketplace

After hinting that this feature would come soon, the U.S.-based crypto exchange FTX.US now allows users to buy, sell and display Ethereum NFTs on its previously Solana-only non-fungible token (NFT) marketplace.  According to a tweet from the exchange, Wednesday marks...

Shiba Inu Grows 33% In One Day As Whales Load Up On SHIB

Shiba Inu Grows 33% In One Day As Whales Load Up On SHIB

Shiba Inu has been on the rebound since this week opened up for trading. The meme coin had not had the best of weeks as it had dipped to the $0.00003 range following the market crash. The dips have caused some to panic and question the viability of the cryptocurrency...

Pin It on Pinterest

Share This