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IOTA co-founder in case of fake due to allegations of embezzlement

Sergey Ivancheglo has announced to the IOTA community that he will file an appeal against his IOTA co-founder David Sønstebø. The dispute also allegedly affects around 25,000,000 MIOTA tokens valued at $ 7.7 million at press time and funding for JINN labs.

Former director of the IOTA Foundation threatens legal action

In a tweet published on Sunday (February 2, 2020), the former director of the IOTA Foundation and IOTA co-founder Sergey Ivancheglo, popularly known as Come-from-Beyond (CFB), informed the project community that from now on the working relationship between him and his colleague IOTA co-founder David Sønstebø was dissolved.

I notify the #IOTA community that I no longer work with David Sønstebø and contact my lawyers to get my 25 Ti from him. He refuses to transfer the iotas so that I can act for his own benefit and against mine.

– Come-from-Beyond (@c___f___b) February 2, 2020

CFB also said it plans to take legal action against Sønstebø over embezzlement claims and its refusal to hand over around 25,000,000 MIOTA tokens, currently valued at $ 7.7 million. The tweet posted by CFB reads:

“I will notify the #IOTA community that I will no longer work with David Sønstebø and contact my lawyers to get my 25 Ti from him. He refuses to transfer the iotas so that I can act for his own benefit and against mine. “

In addition, the former director of the IOTA Foundation has called for Sønstebø to resign.

The allegations of embezzlement reportedly relate to funding for JINN laboratories. The company is considered the forerunner of the IOTA project and is currently developing a trinary microprocessor for the hardware department of IOTA.

In response to the tweet, Sønstebø posted a statement that CFB was elected to the IOTA Foundation Board of Directors to lead the development of a coo-less IOTA architecture that he was unable to implement and later decided to leave the foundation. According to Sønstebø, the CFB’s failure to comply with the agreement came as a surprise. He further noted that:

“IOTA is too mature and has too much momentum in the real world to be single-handedly taken hostage by someone who wants all protocol to be in line with their VR MMO company. It’s a sad day for me, but a great one for IOTA. “

Ivancheglo’s story with the foundation

Back in August 2018, a leaked conversation between founding members of the project resulted in a skirmish between Ivancheglo and his co-founder Dominik Scheiner over the proposed nomination of Ivancheglo and Serguei Popov, another co-founder, to join the Board of Directors of the IOTA Foundation. An excerpt from the leaked conversation reads:

“I inform everyone that I no longer trust Dominik Schiener and I think he should leave the IOTA Foundation for the better future of IOTA.”

According to the conversation, Scheiner did not find any specific reasons for the couple to join the board and tried unsuccessfully to obtain this information from Ivancheglo. Scheiner expressed his opposition to the idea even further, saying:

“Good luck. IOTA AS is going to have some serious legal issues with the advisor tokens and the upcoming tax audit. I’m done with this. I’m done with being threatened. If that’s the course of action you both want to take then I am I’ll do everything for it. If you want to be enemies, let’s fight. “

Despite Scheiner’s objections, the couple joined the board. Less than a year after joining the board, Ivancheglo left the foundation, sold the tokens, and started a virtual game development company called Paracosm.

In other crypto-related disputes, the ousted co-founder of Beijing-based bitcoin mining giant Bitmain, Micree Zhan, posted an open letter on Monday (Jan. 6, 2020) about the companies’ plans to lay off around 50% of its workforce.

As reported by Blockonomi, Zhan said the plan was a mistake and the crypto mining giant could not commit suicide.

Bitmain reportedly laid off up to 50% of its workforce for the first time back in December 2018 after seeing a steady decline throughout the year.

The crypto mining giant was already in a legal dispute with former employees in June 2019 for violating a non-competition clause.

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