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Sergey Invancheglo from IOTA is threatening legal action against his co-founder David Sønstebø and accusing him of embezzlement. The dispute concerns an alleged 25,000,000 MIOTA worth – worth $ 7.7 million at current prices.
Sergey Ivancheglo, who is known by the pseudonym “Come from Beyond”, went on Twitter to publicize a schism between him and co-founder David Sønstebø. The dispute appears to include questions about funding JINN Labs, a distributed computer hardware company founded with David Sønstebø in 2014 and the forerunner of the IOTA project.
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
The company is closely associated with IOTA’s hardware division and is working on a trinary microprocessor that allows a computer chip to use three states instead of the two standard states, Crypto News Flash reported.
Coincidentally, the time of the dispute is just one day before Sønstebø intended to answer questions about the secret project.
Ivancheglo joined the Board of Directors of the IOTA Foundation in August 2018, having previously founded Nxt. Less than a year later, Ivancheglo resigned from the IOTA Foundation and resigned from the board of directors.
A leaked conversation revealed a fallout between the founding members of IOTA. Sergey Ivancheglo issued a “vote of no confidence” in the abilities of co-founder Dominik Schiener and urged him to resign, reported CryptoSlate in 2018. Allegedly, after leaving the IOTA Foundation, Ivancheglo sold his IOTA to set up Paracosm, a company that builds virtual games.
A year later, a dispute seems to have broken out about the work Ivancheglo was still doing for IOTA. “Surprisingly, he was unable to keep our agreement, which is quite surprising to me as someone who has worked with him for over 6 years,” said David Sønstebø.
Crypto Briefing has asked Sergey Invancheglo for a comment and has not yet received a response. In response to the allegations, Sønstebø concluded:
“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. “
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