The disagreement between two prominent IOTA co-founders, Sergey Invancheglo and David Sønstebø, over allegations of the embezzlement of $7.7 million worth of MIOTA token may end up in a legal rift.
Sergey, who was strongly alleged of embezzlement, took to Twitter to threaten the Sønstebø with legal moves. Sergey, popularly known as “Come from Beyond”, revealed the indoor allegation.
It appears the accusations have to do with the funding for JINN Labs, a distributed computing hardware company he co-created with David Sønstebø back in 2014. The company was first launched before the establishment of IOTA project.
Sergey, who raged on Twitter, notify the IOTA community of the need to quit the foundation and won’t work with David Sønstebø any longer. The co-founder of IOTA, said he’s contacting his lawyer to retrieve his “25 Ti” from David.
JINN is being seen as a secret and mysterious innovation project of IOTA. The JINN project according to sources is going to be a hardware project, and will signal a breakthrough for the IOTA ecosystem.
JINN, is a groundbreaking microprocessor developed on trinary calculation ideas. JINN, when launched would ensure cars, machines or mobile phones transact through Tangle and will offer technical underlining to Qubic.
The dispute comes a day before Sønstebø planned to make some revelations about the secret innovation.
Since August 2018, Sergey has been one of the board of directors of the IOTA Foundation. Sergey, a software engineer for over 20 years, ventured into Distributed Ledger Technology in 2011. Before joining IOTA Foundation, he invented Nxt, one of the maiden blockchain projects to extend beyond the scope of Bitcoin.
A year after working in the IOTA Foundation, Sergey decided to quit as one of the board of directors of the not-for-profit foundation.
In 2018, a report claimed that the Sergey passed a “vote of no confidence” in co-founder Dominik Schiener. During this period, Sergey said Schiener should resign from the Foundation.
In a transcript posted on Pastebin, Aug. 8, Ivancheglo lamented that Scheiner should quit the foundation, however, he did not state why.
“I inform everyone that I don’t longer trust Dominik Schiener and I think he should quit the IOTA Foundation for the better future of IOTA.”
David Sønstebø, said Sergey was unable to honor the foundation’s agreement despite working with him for more than 6 years.