The 22nd largest cryptocurrency by market cap of $895 million has been going through a lot of disturbance as top-level executives fought among themselves.
Earlier this week, co-creator and former lead developer of IOTA, Sergey Ivancheglo wrote a post on Medium where he threatened IOTA Foundation director David Sønstebø with a civil/criminal lawsuit if he doesn’t receive his 25 million MIOTA tokens, currently worth $8.05 million.
I notify the #IOTA community that I no longer work with David Sønstebø and am contacting my lawyers to get my 25 Ti from him. He refuses to transfer the iotas to make me act for his own benefit and against mine.
— Come-from-Beyond (@c___f___b) February 2, 2020
In response, Sønstebø wrote a letter to the community where he recited the whole background about where it all started and that after distancing himself from the IOTA project and having “sold all his iotas,” Ivancheglo threatened to fork IOTA and sue the Foundation, insisting his fork is the real brand.
The IOTA community's reaction to the drama wasn't in favor of Ivancheglo and tried to follow Sønstebø advice to not “feed the troll.”
Ivanchenko, however, emphasized that the IOTA community is involved in this because an “IF's director is about to be accused of embezzlement,” he said. He also insisted that Sønstebø “should resign” from his position.
Ivancheglo also took to Twitter to announce that he will be publishing fragments of a private conversation with Sønstebø in retaliation to the private info the IOTA foundation director shared about him and won’t stop until Sønstebø apologizes. And after a few hours, he did… He closed the Twitter thread and deleted his previous “drama” related conversation because apparently, he received an apology.
This, however, isn’t the first time that Ivancheglo threatened someone with legal action. Since 2018, he has also been in disagreement with senior management.
Meanwhile, MIOTA is up nearly 100% in 2020 while trading at $0.323, a level last seen in July. MIOTA, however, is still down 94% from its all-time high of $5.54.