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October 4, 2022
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IOTA announces that it is separating from its founder, David Sønstebø

IOTA has announced that it will split from its founder David Sønstebø. The decision was the result of a meeting between the Board of Directors and the team’s Fiscal Council

The IOTA Foundation has announced that it is separating from its controversial founder, David Sønstebø. The Foundation highlighted a division of interests between Sønstebø and the rest of the team. The Foundation’s post stated that “a unanimous decision” was reached between the Board of Directors and the Supervisory Board of IOTA.

The team posted an update to your ad, citing the organization’s “collective of more than 120 people with similar ideas”. He described “actions [que] were not aligned with what the Foundation stands for ”in reference to Sønstebø.

Both notes also expressed gratitude for Sønstebø’s work on the crypto project.

The news will undoubtedly come as a surprise to those who followed the IOTA project closely. It recently became clear that the team was facing financial difficulties, compounded by a gradual drop in the price of its MIOTA token.

In addition, IOTA has a long history of internal conflicts between David Sønstebø and other co-founders.

The project emerged as one of the stars of the 2017 crypto bull run. Its “tangle” architecture caught the attention of many investors in space, taking its symbolic price to a high of $ 5.45 in December 2017.

Now, however, it is trading at just $ 0.27. This is a loss in market value of around 95%.

Still, IOTA insists that the team remains focused, concluding that “the IOTA Foundation is stronger than ever.”

Source: CryptoBriefing

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