Never seen that before. Apparently it’s not all of the SAFEs but some(?) of the crowdfunded ones. Not illegal but definitely not acting in good faith.

This might cause them such a legal headache that VCs may think twice about investing in future rounds.

Might be in their interest to just update the language and convert the shares at the next round.

Gumroad had a very inspiring post also about the founder losing it all, having the company donated back to them by their VC partners, then growing it to where it is now. I don't often get to say this with a straight face on HN, but it was a truly inspiring and riveting story that had me covering my mouth with one hand and scrolling with the arrow keys on the other hand.

Ill see if I can find it.

found it https://sahillavingia.com/reflecting