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IOTA Founders Shut Out from Board of Directors

On the 8th of August, the IOTA Foundation made a public announcement addressing several fears and concerns of a massive dispute between executive management following the leak of a transcript between the foundation’s founders and its board of directors. As per the report, a persistent confusion regarding Serguei Popov and Sergey Ivancheglo, the founders, and their restricted access to the board, prior to a MoU that would now permit entry.

The Foundation

The IOTA Foundation is a non-profit organization located and registered in Germany and was required to operate within the respective laws, meaning that the company would be able to modify its statute under direct monitoring by a supervisory board as the statement says. The foundation’s board of supervisors have not yet joined each other, even with both founders still waiting for access to the board.

Additionally, the statement mentioned that the current circumstances have played their role, leading to a situation where both founding members have been on standby and waiting for the respective chairs on the board after a four-month wait. Under the circumstances related to the situation, tensions among the board have toned down and as a result, Sergey Ivancheglo has demanded that the chairman of the board, Dominik Schiener, hand in his resignation and added that his opinion on the chairman quitting was a result of heated emotions and proceeded to admit that his demands were not deemed fair.

As of now, the MoU is set to take place on the 10th of August, in the meantime while awaiting the Supervisory Board’s meeting in September as per the statement by IOTA. The IOTA Foundation and Dominik Schiener have both been at the center of heavy criticism since 2018 started. A controversy emerged during April after the chairman spoke to a separate security specialist, saying that the woman “needed a slap”, resulting in the University College London snipping all connections with IOTA.

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