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Author Topic: IOTA Co-founder Sergey Invancheglo Leaves, and Threatens to Sue Founder David  (Read 122 times)
Xangle (OP)
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February 06, 2020, 09:39:49 AM
 #1

[Xangle Briefing] IOTA Co-founder Sergey Invancheglo Leaves, and Threatens to Sue Founder David Sønstebø for Embezzlement
https://xangle.io/project/MIOTA/disclosures/5e3a19e57cf3afada79c5eed

Former Board Director and Co-founder Sergey Invancheglo submitted his resignation through Twitter, and threatens to take legal action against Chairman and Founder David Sønstebø for embezzlement related to JINN labs, the company that started IOTA. Invancheglo is demanding 25 million IOTA tokens related to JINN labs worth around $7.7M USD.

Sønstebø claims that despite Invancheglo making threats of forking IOTA and suing the foundation, he is willing to give him “all Jinn IP, engineers, advisors, brand, whatever”, and that he’d “split Jinn Labs’ token assets” so that they each get the JINN labs share of tokens on their respective networks, with Invancheglo getting his on the alleged fork.

Xangle had made a ‘Request for Disclosure’ to the IOTA foundation. Today’s Xangle Briefing is based on an official response.
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February 06, 2020, 12:15:52 PM
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If truly this is what's been happening then its not a new thing, I've promoted few projects that CEO and team aren't in same boat, in the end they had a fight and split up, for example miracle tele project CEO left and a member from the team take over, till today the project haven't recover

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February 06, 2020, 02:52:22 PM
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If this is not properly handled can result to the beginning of many problem for IOTA project, immediately you heard co-founder and founder at a loggerhead means their is fire on the mountain..... which also means run, if not for greed that is always the root cause of this type of dispute and will curse serious damage if care is not taken to project that has been nurtured overtime,
i don't think this are mare accusations, maybe founder actually embezzled this money, soon the truth will be known and this could be nasty, investors should better take note.

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Febo
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February 06, 2020, 03:51:55 PM
 #4

I remember few years ago when I said that Come from Beyond will most likely soon leave the IOTA project, people laugh at me. Surprisingly he stick to it this long.  To bad this forums search is so clunky for me to find that post. Sad
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February 06, 2020, 06:45:36 PM
 #5

IOTA actually had a very good momentum during the 2017 ATH times, believe me there wasn't all that many ICO's that went up as much as that, people were funding coins left and right and only few of them had the chance the IOTA got. People who invested in the top coins like btc, eth, xrp and whatever started to look at other coins as well and the biggest jump was made by IOTA during those days, everyone was talking about like it was the next big thing. People seriously considered to call it something above crypto for a while, it wasn't just an altcoin, it was something newer and different and better.

Nowadays it gets attention due to the board members suing each other over some tokens that they basically made all thanks to investors yet claims its theirs.
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February 06, 2020, 06:53:59 PM
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IOTA actually had a very good momentum during the 2017 ATH times, believe me there wasn't all that many ICO's that went up as much as that, people were funding coins left and right and only few of them had the chance the IOTA got. People who invested in the top coins like btc, eth, xrp and whatever started to look at other coins as well and the biggest jump was made by IOTA during those days, everyone was talking about like it was the next big thing. People seriously considered to call it something above crypto for a while, it wasn't just an altcoin, it was something newer and different and better.

Nowadays it gets attention due to the board members suing each other over some tokens that they basically made all thanks to investors yet claims its theirs.

LoL IOTA was always a vaporware. There were massive I mean MASSIVE amount of IOTA shills everywhere (zerohedge, reddit, btt etc) during the 2017 pump and none of them are around anymore. (We have nano fucks instead)

The people that was hyping that shitcoin you were seeing were getting paid to spread that bullshit. It was being manufactured.  Cool They literally dumped on the clueless noobs from the ATH prices. That's why most alts performed a lot worse than BTC during the bear market.

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