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IOTA [MIOTA] internal conflict arises: Co-Founder Dominik Schiener asked to resign

Gautham Kadri



IOTA [MIOTA] internal conflict arises: Co-Founder Dominik Schiener asked to resign
Source: Pixabay

On 8th August, an update released by the IOTA Foundation revealed that in a heated argument between the two co-founders Serguei Popov and Sergey Ivancheglo.

Ivancheglo had stated that he no longer trusted Dominik Schiener and that he must “quit the IOTA Foundation for the better future of IOTA.”

The argument initially started as a discussion where the Board of Directors were proposing to change the existing Foundation statue. This was because it allowed delegation of voting rights and granted the right to nominate board members solely to Dominik Schiener. The current Board of Directors being Dominik Schiener, David Sønstebø, and Ralf Rottmann and the founding members being Serguei Popov and Sergey Ivancheglo. This had to be changed by making the two founding directors a part of the Board as well.

But as the statue was German in nature, a Supervisory Board resolution was needed. The need for this constitution was to be discussed later during the month of September. However, this would mean the current discussion to change the statue must be kept on hold. This led to a tough situation since two of the IOTA founders had been waiting for the board seats for the past 4 months.



One of the board members, Dominik Schiener insisted that the statue must be changed before the nominations can take place since in the past they all agreed to “do a call with Popov and cfb” [Sergey Ivancheglo] first. He further added “I don’t even know what they will be doing on the board,” referring to the two founding members.

This led to Sergey Ivancheglo retaliate by saying:

“Did I get it right: I need your permission to join the board but you refuse to give it?”

In response to this, Dominik only states that he simply wants to know what the founders would be doing operationally on the board and that he wanted everyone to “do a call” and discuss it with him. He also asked why cfb need to be included when a proposition was made to include cfb and Popov into board calls and decisions.

This sprung up a matter of ‘trust issues’ among the board members and the founders which led to Sergey Ivancheglo requesting Dominic to step down.



According to the chats, this situation did not feel fair for Dominic, since he was an integral part of the team but nevertheless he complied with the team by saying:

“I am done with being threatened, his is the course of action that both of you want to take, then I’m all for it, if you want to be enemies, lets fight.”

However, no official report has been made about his resignation. The argument came to an end with Dominic going offline and asking the rest of the board to consider the repercussions of their actions.

The present board members are moving forward to welcoming the founders into the board by signing a Memorandum of Understanding, which states the temporary changes until they can be formally established.

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Gautham Kadri is a full time content writer at AMB Crypto. His passion is for writing and interest towards the future of cryptocurrencies and blockchain technology. He does not hold any form of crypto currencies presently.


Bitcoin prices hit $150 billion market cap for the first time in 2019 as prices pump by 11%




Bitcoin prices hits $150 billion market cap for the first time in 2019 as prices pump by 11%
Source: Unsplash

Bitcoin’s parabolic rise that started in April seems to be staggering as the increase in price vs. the number of days it took to increase was surprising, considering the prolonged bear market.

The recent pump on May 27 at 23:30 UTC [+5:30] pumped the price from $7.995 to $8,939 in 7 hours with each green candle forming one after another. However, the price reached a peak at 05:30 UTC [+5:30]. After which the price declined by 2.85%.

Source: TradingView

Moreover, at press time, the market cap of Bitcoin has reached a new high, i.e., $154 billion and the price reaching $8,900 is a new all-time high of Bitcoin in 2019. Bitcoin’s total rise YTD was 146% and in a 24-hour time frame, the price of Bitcoin was up by 8.71%.

Meanwhile, altcoins have also followed suit as Ethereum pumped by 7.21%, XRP by 7%, Bitcoin Cash by 9.53%, Litecoin pumped the most in top 10 as it was up by 11.23% in 24-hours. Tron, the eleventh largest cryptocurrency pumped by 13.84%, at press time.

Anthony Pompliano, a well-known Bitcoin enthusiast tweeted:

“Someone check on @nouriel. Bitcoin seems to be coming back with a vengeance ever since he blocked most of Bitcoin Twitter.”

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