Nonsense. For starters the employee's actual identity is apparently known and there are comments in one of the threads indicating hiring managers at other companies have taken note of him (negatively). Secondly, being the CEO of a YC company means he's "in the club." Short of explicitly defrauding investors, the limit to this guy's personal risk is very lilely that he may be forced out of his CEO role. Unless he's a very stupid person he has put enough untouchable wealth aside to be just fine should this occur. Even if he hasn't I would suggest his chances of securing funding for another company is not impacted by this drama negatively (in fact, it may have a positive effect).

Besides that, even if he did have more at stake personally that is insufficient reason to take his word over the employee's, because there's nothing even close to any objective evidence in such a determination: it's purely subjective based on your own biases.