IOTA Co-Founder Sells His Coins, Community Is Angry

The IOTA co-founder Sergey Ivanchenglo is in the latest cryptocurrency news for saying that he quits working in crypto and has sold all of his crypto holdings. Some now believe that IOTA has overgrown being a mere coin and say that the company “goes beyond crypto.”

This is obviously negative press for IOTA. A short while ago, Ivanchenglo stated that he leaves the cryptocurrency sphere and sells all of his MIOTA coins. This was announced during a Discord AMA session, as the Micky news outlet reported.

Ivanchenglo also said that he leaves the IOTA Foundation in order to avoid the conflict of interests since he also works for other blockchain projects. The IOTA co-founder confirmed that his work on Qubic and Aigarth (both of which are IOTA-based projects) will continue.

However, the IOTA news today show that he does not want to deal with crypto any longer, which is seen from his Twitter post below.

Today is my last day of working on cryptocurrencies. I don't own personal cryptocoins anymore. My projects use #IOTA which is the best distributed registry technology to date.

— Come-from-Beyond (@c___f___b) November 7, 2019

The IOTA co-founder Ivanchenglo did not name any other particular projects that he is engaged with. Earlier this year and during summer, he quit the IOTA’s board of directors and since then worked as an independent IOTA developer.

The IOTA community members are angry about Ivanchenglo’s decision on quitting and selling all his MIOTA coins. They say that IOTA has evolved into a real protocol instead of being a simple cryptocurrency.

He just want to say that #IOTA has evolved /matured into a real protocol instead of a coin…. I hope 😊

— NFR (@N_F_R_1974) November 7, 2019

There are, of course, some split opinions on the IOTA co-founder’s decision to leave and sell his MIOTA holdings. Others state that this is bit too speculative.

Not to sure about that… bit too speculative

— IOTA NZ (@IOTA_newzealand) November 7, 2019

Meanwhile, the price of the IOTA cryptocurrency (MIOTA) is continuing to grow despite these speculations and the leave of the IOTA co-founder. Today, we can see that MIOTA is stable at $0.2669 with a 2.11% increase on the day.

In the other news, we see that Chainlin’s LINK token has grown by around 8% on the day at a price of $3.15 now. When it comes to the biggest losers, we can point to Bitcoin Cash (BCH) and its downfall of 3.38% to a price of $279 as well as Cosmos (ATOM) which is now at $3.89 with a drop of around 4.70%.

The total market cap is at $238 billion and Bitcoin (BTC) is still trading below $8,800.