IOTA Co-Founder Demands 25 Million MIOTA ($8.4M) From Foundation Or He Will Sue

The public dispute between IOTA co-founders Sergey Ivancheglo and David Sønstebø has escalated to Ivancheglo asking Sønstebø for 25 million MIOTA, which is about $8.4 million.

Last week, Sønstebø announced on Discord that today, all the questions on the JINN project are going to be answered. For those who don’t know, JINN is a trinary calculation microprocessor that could revolutionize IOTA’s machine economics and was created by Ivancheglo.

Ivanchenglo Had Past Disputes at IOTA

Only last year, Ivanchenglo said he doesn’t trust Dominik Schiener, the other IOTA co-founder, and asked for his resignation. However, things ended with Ivanchenglo resigning for the reason that there are conflicts of interest between IOTA and the business he’s currently running, even if he mentioned Aigarth (AI software based on Qubic) and Qubic (quorum-based protocol of calculation for IOTA to integrate smart contracts and Oracle with IOTA) will continue to remain his projects. Sønstebø supported Ivanchenglo back then. After leaving the IOTA Foundation, Ivanchenglo founded Paracosm, the company that’s developing an IOTA Tangle Technology gaming ecosystem.

Ivanchenglo Now Asks for 25 Million MIOTA from Sønstebø

As it was revealed to the public on Twitter, it seems that Ivanchenglo wants to take legal action against Sønstebø.

Trying to answer Ivanchenglo, Sønstebø commented this on Discord:

“Don’t worry. I have kept CFB in a position of power due to my prior respect for him, he burned that bridge permanently today and his role in IOTA is now non-existent. He made it clear long ago that he only cares about his own private, nascent MMO-VR company and wanted all of IOTA to conform to that, without contributing to IOTA himself.”

The dispute comes at a time when Sønstebø was preparing to answer questions about JINN, the project founded by both parties back in 2014. In another Discord message, Sønstebø says Ivanchenglo couldn’t fulfil his obligations to IOTA and respect a last-minute agreement. Some explanations from both are expected to appear today. In the meantime, things remain unclear about JINN.

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Oana Ularu
Oana Ularu
Curious about what’s going on with all the money in the world, Oana is bringing you the latest news in the crypto world. She’s aware of the fact that you need to know everything that’s happening on the financial scene in order to play the cryptocurrency market, so you can count on her to share with you every little detail on what matters.

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