IOTA Founder David Sønstebø Sets Record Straight About His Spat with Sergey Ivancheglo

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Mon, 02/03/2020 - 19:14
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Alex Dovbnya
David Sønstebø, the founder of IOTA, reflects on his partnership with Sergey Ivancheglo and its deterioration in a tell-all post
IOTA Founder David Sønstebø Sets Record Straight About His Spat with Sergey Ivancheglo
Cover image via u.today
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IOTA founder David Sønstebø has penned a lengthy Medium post where he addresses the “petulant actions” of Sergey Ivancheglo (aka “Come-from-Beyond/CFB).  

As reported by U.Today, Ivancheglo, former IOTA Foundation member who still served on the company’s board of directors, caused a stir on Twitter by demanding his 25 mln MIOTA back and calling for Sønstebo’s resignation. CFB accused Sønstebø of embezzlement and threatened to take legal actions against him.        

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An inevitable split  

In his response, Sønstebø claims that Ivancheglo has already divested his MIOTA tokens after failing to come up with his version of a coordinator-free IOTA and quitting the IOTA Foundation.  

While reflecting on their cooperation, Sønstebø wrote that they developed “a healthy respect” for each other despite their differences. Together, they started the Jinn project, which was a precursor to IOTA. 

However, when IOTA started to make significant progress, Ivancheglo started to distance himself from it. This inevitably led to Sønstebø parting ways with Ivancheglo. 

“I’d give him all Jinn IP, engineers, advisors, brand, whatever, and we’d split Jinn Labs’ token assets on the respective networks”

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He will never own it again  

Sønstebø insists that they made a fair deal with Sønstebø and he wanted him to succeed. While Sønstebø has the legal power to sue him, he doesn’t plan to do this because he’s “not petty.” 

The IOTA founder also suggested that the success of the project might have rubbed Ivancheglo the wrong way.      

“Ever since CFB’s departure, IOTA has just continued to grow and made great strides in all aspects, and suddenly he wants to own it again. Naturally, that will never happen.”

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.