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IOTA Co-Founder Demands 25 Mln MIOTA from David Sonstebo, Insisting He Resign

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Mon, 02/03/2020 - 11:00
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  • Sergey Ivancheglo is about to sue David Sonstebo, claiming he is refusing to pay him 25 mln MIOTA and demands that Sonstebo resign

Cover image via blog.iota.org
Contents

A co-founder of IOTA, Sergey Ivancheglo, has tweeted that he has resigned from further collaboration with IOTA. The co-founder says he has fallen out with the CEO David Sonstebo and that the latter refuses to transfer 25 mln MIOTA (25 Ti) to his wallet.

Another demand of Ivancheglo to Sonstebo is that he resigns.

The dispute between IOTA founders

Sergey Ivancheglo, known as ‘Come from Beyond’ (CFB) on Twitter, left the IOTA Foundation about a year ago, however, he remained on the board of directors.

Earlier today, the CEO David Sonstebo published a post, in which he described the pre-history of the current situation with Ivancheglo. The IOTA CEO pointed out:

“Last week we agreed to part amicably and professionally”.

“It seems that he got cold feet last minute and does what he, unfortunately, has done too many times throughout IOTA history: go on a histrionic tirade as an 'offense is the best defense’”.

Sonstebo also writes that there is a letter (that Ivancheglo is aware of and that he had personally read, as per the IOTA CEO) that chronicles all the events related to this particular case. Sonstebo promises to publish it – this is expected to happen today, February 3.

IOTA
Image via Twitter

Some in the IOTA community believe that the aforementioned dispute between the company’s founders is related to another IOTA project called Jinn.

The project has been completely secret so far. However, in today’s AMA session, the details are expected to be shared with the community.

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The community’s take

In the comment thread to Ivancheglo’s post of accusation, the IOTA community seems to take the side of Sonstebo and some insist that the dispute should not be made public but, instead, solved between the two participants privately.

To this, Sergey Ivancheglo responded that the falling out must indeed be made public, since he is about to accuse Sonstebo of embezzlement in court and that the IOTA Foundation CEO should resign.

U.Today has reached out to the IOTA Foundation for comments.

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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Bitcoin (BTC) Scammers Impersonate Bill Gates and Endanger Almost 30K YouTubers

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  • Bitcoin (BTC) scammers know no quarantines or self-isolation. Dozens of fraudulent airdrops falsely endorsed by Bill Gates ask YouTubers to send in their Bitcoins.

Cover image via stock.adobe.com
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Typically, fake YouTube airdrops are quite similar to each other. With the current pandemic enraging across the planet, a series of scams that impersonate Bill Gates have some distinct features.

With Bitcoin (BTC) Price Drop, Scammers are Getting Greedy

Just like in several other previous cases, the fraudsters launch fake 'live streams' on YouTube, asking users to send in their Bitcoins (BTC) in order to get redouble the initial amount.  An 'entry ticket' into to this scam starts at 0.1 BTC which is more than $650. With previous scams, it was much cheaper.

Fake YouTube Bitcoin (BTC) airdrop
Image via YouTube

The scammers also publish the URLs of this campaign, which are linked to suspicious websites. Unlike previous cases, fraudsters launch multiple live streams simultaneously. At press time of this article, at least two of them were active.

Multiple scam streams on YouTube
Image by YouTube

According to statistics, the average popularity of one live stream is about 30,000 viewers.

Very Bad Idea

Alongside that, launching fake airdrops on behalf of Microsoft's Bill Gates isn't a slam dunk for the fraudsters. It may seem ironic, but Mr. Gates is a prominent critic of cryptocurrencies, particularly of Bitcoin (BTC). He is sure that digital assets represent a kind of a ‘greater fool theory’ type of investment.

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Cryptocurrencies kill, added Mr. Gates. To him, its only use-case besides short-term speculations is illegal funding for drug trafficking:

Right now cryptocurrencies are used for buying fentanyl and other drugs, so it is a rare technology that has caused deaths in a fairly direct way.

The U.Today team will one more time state that no airdrop will be conducted without the notification from an official website of a product or token. Any YouTube, Medium, and/or Telegram announcements may shill scammers. Never send your money to unknown persons.

About the author

 Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockhain. Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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