IOTA Foundation Undergoes Rebranding As Sergey Ivancheglo And Serguei Popov Are Removed From The  Board

A few days ago, the IOTA Foundation published a statement to quell fears of a serious disagreement among the senior management of the foundation after a record of a discussion between the Board of Directors and the founder of the blockchain project was leaked.

A statement explains that after a period of uncertainty over the access of the founders of IOTA – Sergey Ivancheglo and Serguei Popov – to the Board of Directors of the Foundation, a MoU (memorandum of Understanding) would now let them access. As a non-profit that is registered in Germany, the Foundation is required to act within the law.

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This means changing the statue of the foundation is possible but only via a supervisory board resolution – according to the statement. The Supervisory Board of IOTA hasn’t met yet, despite the co-founders’ waiting for access to the Board of Directors.

Dominik Schiener Asked To Quit

Tensions seethed under the status quo, and this resulted in one of the co-founders of IOTA – Ivancheglo – asking Dominik Schiener, embattled board chairman, to quit. The statement also noted that “Ivancheglo has earlier said that asking Dominik to resign was an emotional reaction to the circumstance. Adding that the circumstance didn’t feel fair for him, considering the fact that he is a core member of the team behind the blockchain project.”

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Both Schiener and the Foundation have faced criticism in the past year. In April, there was an outbreak of a scandal after Scheiner told a security researcher that she “needed a slap. In May, University College London separated from IOTA, saying that it was “not appropriate for security researchers to be subject to threats of legal actions for revealing their results.

IOTA (MIOTA) Price Today – MIOTA / USD

Name Price24H (%)
Bitcoin (BTC)
$6,474.47
-0.19%
IOTA (MIOTA)
$0.491563
-0.42%

At the time of writing, IOTA (MIOTA) is trading at 55 cents after a decrease of about 18 percent over the past twenty-four hours. The current market cap of the digital currency is $1.45 billion and its trading volume over the past twenty-four hours is $58.68 million.


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