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IOTA Founder issues clarification on exit, ‘divergent interests’

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It’s been a good few weeks for IOTA and its community. Not only did the development team release the Chrysalis Phase 2 testnet to the public in mid-December, but it also released an alpha version of Stronghold, an open-source software library for IOTA Seeds. However, December hasn’t been entirely free of controversy for IOTA, with the acrimonious exit of David Sønstebø shaping the news cycle in the first half of the month.

However, it would seem that the episode isn’t over yet. Weeks after the IOTA Foundation and David Sønstebø “parted ways,” Sønstebø has now come out with a statement highlighting his side of the story. Taking issue with the IOTA Foundation’s contention that “David’s interests and the interests of the IOTA Foundation have diverged significantly,” Sønstebø said,

“The official reasoning for my departure was communicated on the basis that there was some kind of contradiction between my interests and that of the organization. I categorically reject this blatantly false, dubiously motivated, and defamatory depiction of my person.”

The former IOTA Foundation exec also revealed that he had repeatedly brought to everyone’s notice the need to appoint a CEO/COO since IF was suffering from a case of “Founderitis.” However, he claimed,

“Regrettably and inexplicably, the Board repeatedly resisted this, despite me even naming a promising prospect from within IF. Unfortunately, this meant that the maturation of the Board was hampered.”

Sønstebø also took a shot at the IOTA Foundation’s emerging role in the community. Criticizing the same, he added,

“The IOTA Foundation is equivalent to the Coordinator in many aspects; it was conceived to support IOTA’s success in the early days, but not evolve into a centralized authority of IOTA in perpetuity. The IOTA Foundation is meant to become one of many influential entities in the ecosystem of IOTA.”

According to Sønstebø, these were the “divergent interests” the Foundation was talking about in its announcement. It should be noted, however, that the former exec was also quick to state that IOTA still has his “full conviction.” Finally, Sønstebø also assured IOTA’s community members that the IOTA Foundation is NOT on the verge of bankruptcy.

At the time of writing, the IOTA Foundation had not responded to Sønstebø’s latest salvo.

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Jibin Mathew George is the Editor-in-Chief of AMBCrypto, one of the world's top 5 cryptocurrency news publications. With over five years of dedicated experience in the blockchain and digital asset sector, Jibin possesses a deep and nuanced understanding of the market's complexities. His expertise lies at the intersection of cryptocurrency and global macroeconomics, with a particular focus on the influence of political and fiscal policies on the burgeoning crypto landscape. A post-graduate in International Relations with a focus on European Politics, Jibin brings a unique and analytical perspective to the world of digital finance. This background enables him to dissect and report on the intricate legal and political frameworks shaping the future of cryptocurrencies and blockchain technology. Since the early days of the crypto boom, Jibin has been a keen observer and a prolific writer, meticulously tracking the evolution of digital assets into a distinct and significant asset class. His work is characterized by its in-depth analysis of market trends, regulatory developments, and the long-term implications for investors and the broader financial system.
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