IOTA: Leaked chat-log reveals conflict between two co-founders; company shares details 20681
News
Pinaz Kazi
Aug 9, 2018 at 1:00 PM

Co-founder of IOTA, Sergey Ivancheglo, stated that he ‘no longer’ trusts the other co-founder of IOTA, Dominik Schiener, in a leaked chat-log transcript posted on Pastebin. The transcript starts with Ivangheglo’s statement which reads, “I inform everyone that I [no] longer trust Dominik Schiener and I think he should quit the IOTA Foundation [sic] for the better future of IOTA.” The reason behind the conflict, however, is not being mentioned anywhere. Instead, the transcript shows discussion in great detail about the process of Schiener’s removal.

See also: How IOTA’s ‘beyond blockchain’ tech can be applied from mobility to agriculture

On the other hand, Schiener stated, “Good luck. IOTA AS will have some serious legal issues with the advisor tokens and the impending tax audit. I am done with this. I am done with being threatened. [T]his is the course of action that both of you want to take, then I’m all for it. [I]f you want to be enemies, lets fight. [sic]” Reportedly, members of the IOTA Discord channel are worried that it might have a very negative impact on the future of the Foundation and IOTA price. This is also because the foundation collaborated with corporate giants like Bosch and Volkswagen, TheNextWeb reported.

See also: Qubic project of IOTA may become public “before the end of August”

Previous conflict in IOTA

This is not the first that an inside strife in IOTA has hit the headlines. Previously, in April, co-founder David Sønstebø blamed a now-former employee of taking advantage of the brand for personal benefits. He also added that the accused employee did not officially hold a position in the company.

Official Statement

According to the statement, " [T]wo of the IOTA founders have been “waiting for board seats” for more than four months. Unfortunately, sufficient priority was not given to this open issue, and there was a failure to keep the missing board members informed about progress. Following these months of stasis, the issue culminated in a heated discussion on our internal Slack, in which one of the founders asked Dominik Schiener, Chairman of the Board, to step down." And, mentioned that Ivancheglo’s outburst was only an emotional response. “Sergey Ivancheglo has since stated that asking for Dominik to resign was an emotional reaction to the situation, which had built up over months,” the statement reads.

The statement further noted, “The current board has decided, to move forward with inviting the two missing founders into the IOTA Foundation [sic] Board of Directors, based on a mutually signed Memorandum of Understanding, which defines the modus operandi for collaboration, until the changes to the statute can be formally established.” The foundation also mentioned that the final decision will be made by August 10.

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