IOTA Co-Founder Quits The Foundation, Dumps All Holdings

The IOTA co-founder Sergey Ivancheglo who worked on the open-source distributed protocol left the company and sold all of his holdings as we are reading in the IOTA news below.

The IOTA Co-founder Sergey Ivancheglo was a former member of the IOTA foundation board of directors and announced to be leaving the company in an AMA (ask me anything) on Discord. When he was asked why he sold all of his tokens, Ivancheglo said that he had done it to ‘avoid the conflict of interest when working on the current project.’

While he didn’t quite elaborate on what kind of projects he is working on and he did confirm that he would continue to work on Aigarth and Qubic. Qubic is basically a quorum-based computation protocol that uses the IOTA platform to build oracles and smart contracts while Aigarth is an AI-software built on it. Ivancheglo or better known by his twitter name ‘come-from-beyond’ confirmed the selloff of his tokens in a tweet wherein he also announced his withdrawals from crypto projects altogether.

Ivancheglo was seen working as an independent developer from IOTA and he resigned from his position on the board of directors of the foundation in June of this year. According to another IOTA Co-founder David Sonstebo, Ivancheglo served on the board of directors for less than a year and he had been planning his resignation from the foundation for quite some time. Although he does not have a position with the IOTA organization, Ivancheglo stayed on as an unofficial advisor to the project.

His departure from the foundation seems to have been a result of the disagreements with the organization.
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Sonstebo published a statement from Ivancheglo where he explained:

 “I no longer believe that the IOTA Foundation is the best setting for me to realize what we set out to create back in 2014 and 2015. Additionally, my use of free speech has repeatedly been leveraged in unfair attacks against the IOTA Foundation, something I am very tired of. I represent myself and only me when I express myself via personal mediums such as Twitter.”

Many compared Ivancheglo’s decision to sell his MIOTA holdings to the actions of Charlie Lee– the founder of Litecoin. Lee sold all of his Litecoin holdings back in 2017 saying that it is a conflict of interest to hold LTC since he had a lot of influence over its price.