IOTA Founder Threatens Legal Action Over Dispute Involving 25 Million Tokens

Michael LaVere
  • Early IOTA founder and lead developer Sergey Ivancheglo publicized a dispute with his former project.
  • Ivancheglo claims to be owed 25 million IOTA and threatened legal action. 

Early founder and former lead developer of IOTA Sergey Ivancheglo has threatened legal action against his former project over a claim to millions of tokens. 

Ivancheglo took to Twitter on Sunday to make public his dispute with IOTA and its founder David Sønstebø. According to the tweet, Ivancheglo no longer works for Sønstebø and accused his fellow IOTA co-founder of withholding 25 million tokens that he was due upon departure. Ivancheglo claimed the dispute had become personal, saying that Sønstebø refused to transfer the funds as an act “for his own benefit against mine.” 

Ivancheglo has a history of dispute with the IOTA Foundation and his former colleagues. In November, the former lead developer claimed to no longer be working on cryptocurrency projects, in addition to selling his entire holding of IOTA and cryptoassets. 

Sønstebø responded to Ivancheglo’s allegations with an open letter published to Medium, detailing his history with the former co-founder and explaining how the project would move forward. 

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