IOTA Foundation Experiencing Internal Strife as Board Director Asked to Resign

Board Director of IOTA Foundation Asked to Resign

New drama in the crypto world surfaced on August 8, when IOTA Foundation's new update revealed that an argument between co-founders resulted in a request that Dominik Schiener leaves the Foundation for the good of IOTA.

Drama At The Top Of IOTA Foundation

The world of cryptos is still almost brand new, but that has not stopped its firms from having internal conflicts just like the companies from any other field of business. In a new twist within the IOTA Foundation, its co-founders Sergey Ivancheglo and Serguei Popov entered a heated argument recently. The argument started as a regular discussion regarding different proposals on how to change the Foundation statue.

However, it resulted with a surprising turn of events, where Ivancheglo stated that he mistrusts Dominik Schiener. Finally, Ivancheglo demanded that Schiener quits IOTA for the Foundation's own good.

The change proposals were deemed needed due to the fact that the current Foundation statue allowed Dominik Schiener to be the only person who can nominate new board members. Additionally, Schiener was also the only one who had a delegation of voting rights. While Popov and Ivancheeglo were the founding members of IOTA Foundation, its Board of Directors consisted of David Sønstebø, Ralf Rottmann, and Dominik Schiener himself. The two founding directors decided that this had to change and that they should be on the board as well.

What Actually Happened?

However, since the current statue was German by nature, a new Supervisory Board resolution was deemed necessary. Originally, the plan was to discuss the new constitution at some point in September of this year. However, the problem is that this would temporarily put the statue changing process on hold, which did not sit well with the Foundation's founders.

This is when Schiener demanded that the statue is changed before new nominations, since the initial agreement was to come to an understanding with Ivancheglo and Popov first, before making nominations. At one point, he even stated that he doesn't know what the two founders would even do once they become members of the board.

Ivancheglo immediately retaliated and asked if this means that Dominik refuses to give him permission to enter the board, to which Dominik stated that he simply wanted to determine the two co-founders' future roles as board members. Considering that board decisions were already to be discussed with Popov and Ivancheglo before being executed, he wanted to know why is there a real need for the two to join the board at all?

After this, Ivancheglo announced that he doesn't trust Dominik anymore, and he requested his resignation. While Dominik felt that this was unfair, he complied, stating that he is ‘done with being threatened'.

As of yet, there were no official reports regarding his resignation. He simply went online at that point, after asking the board to think about the consequences of their actions. As for the rest of the board members, they are seemingly welcoming the two co-founders with open arms. Not only that, but they are more than ready to sign a Memorandum of Understanding.

Get Daily Headlines

Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

What to Know More?

Join Our Telegram Group to Receive Live Updates on The Latest Blockchain & Crypto News From Your Favorite Projects

Join Our Telegram

Stay Up to Date!

Join us on Twitter to Get The Latest Trading Signals, Blockchain News, and Daily Communication with Crypto Users!

Join Our Twitter

Add comment

E-mail is already registered on the site. Please use the Login form or enter another.

You entered an incorrect username or password

Sorry, you must be logged in to post a comment.
Bitcoin Exchange Guide