Connect with us
Active Currencies 14820
Market Cap $2,361,461,228,880.80
Bitcoin Share 51.15%
24h Market Cap Change $-4.22

Former IOTA board member threatens legal action against founder

2min Read

Share this article

Former IOTA board member, Sergey Invancheglo (CFB), recently announced that he would be taking legal action against David Sønstebø, Founder of IOTA, for refusing to release the mIOTAs under his name, while also alleging misappropriation of funds.

The dispute revolves around 25 million mIOTAs, worth around $7.7 million, at the time of writing. However, Sønstebø was quick to respond to the allegations, claiming that it was disheartening to see his partner of six years develop “cold feet” and go back on previous agreements.

“I always thought CFB had b*lls, but it turns out that they are a mirage built out of insecurities,” said Sønstebø. “To see the nonsense claims and sheer lies is just… sad.” Sønstebø also claimed to have defended him against criticism and controversies on multiple occasions, stating that Invancheglo is “unable to be professional, and is willing to stab anyone in the back to feed his ego.”

This very public dispute seems to have stemmed from a distributed hardware project they had worked on before the IOTA project — Jinn.

“I truly wish him good luck on his endeavor to realize his personal vision — a true VR MMO. In terms of personal and professional relationship: I am done.”

Invancheglo had left the IOTA Foundation last year, stepping down from its Board of Directors toward the end of June, a time when its Alpha and Omega engineering teams were scheduled to merge. Currently, the foundation is developing an implementation to enable an IOTA function without a central coordinator — Coordicide.

Sønstebø added that he would be posting a letter tomorrow, one that would detail the events that transpired in a transparent fashion. “The cliff notes are: IOTA is too mature and has too much momentum in the real world to be single-handedly held hostage by someone who wants the entire protocol to conform to his VR-MMO company,” he said.


Manu is a full-time journalist at AMBCrypto covering the US and Indian markets. A graduate in engineering, he writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.