Lawsuits & Legal Threats Happening Over 25 Million MIOTA Tokens with IOTA Foundation Director

By February 7, 2020 Altcoins
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Lawsuits & Legal Threats Happening Over 25 Million MIOTA Tokens with IOTA Foundation Director 
  • Sergey Ivancheglo, has just issued a lawsuit over the director of the IOTA foundation David Sønstebø for 25 million MIOTA.
  • It was announced earlier this month that Ivancheglo will be getting in touch with his lawyers in order to obtain the assets from Sønstebø.

One of the co-founders and the former developer of the decentralised network IOTA, Sergey Ivancheglo, has just issued a lawsuit over the director of the IOTA foundation David Sønstebø for 25 million MIOTA. This equates to $8.5 million.

It was announced earlier this month that Ivancheglo will be getting in touch with his lawyers in order to obtain the assets from Sønstebø in a tweet sent out on the 2nd of February. The coins in question, he claims to belong to him as well as half of the holdings of Jinn Labs. This is a computing development company that they both launched together.

“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.”

On the 3rd of February, Sønstebø responded to the accusations in an open letter to the community of IOTA. He stated:

“While the IOTA community certainly has every right to feel let down and angered by CFB’s actions, I encourage you all to rather channel that energy into something more conducive towards IOTA’s vision. Adhering to the timeless adage of the internet: ‘Don’t feed the troll’ is the best approach here.”

Essentially what Sønstebø is claiming is that overtime, Ivancheglo grew a lot more frustrated with his role within the IOTA project. This was because he was unable to lead his development team towards the development of a coordinator-less version of the network.

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!

It was announced earlier this month that Ivancheglo […]

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