IOTA Co-Founder Threatens Legal Action, Embezzlement Accusations

IOTA’s Sergey Invancheglo is threatening legal action against fellow co-founder David Sønstebø, accusing him of embezzlement. The dispute involves an alleged 25,000,000 MIOTA ⁠— worth $7.7 million at current prices.

Sergey Ivancheglo, who goes by the alias “Come from Beyond,” took to Twitter to publicize a schism between him and co-founder David Sønstebø. The dispute seems to involve questions around funding for JINN Labs, a distributed computing hardware company founded with David Sønstebø back in 2014, which was the precursor for the IOTA project.

I notify the #IOTA community that I no longer work with David Sønstebø and am contacting my lawyers to get my 25 Ti from him. He refuses to transfer the iotas to make me act for his own benefit and against mine.

— Come-from-Beyond (@c___f___b) February 2, 2020

The company is closely connected to IOTA’s hardware division and is working on a trinary microprocessor — where a computer chip can use three states — rather…