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IOTA Founder Ousted By Foundation After 'Significant' Clash of Interests

Published on:
December 11, 2020

The IOTA Foundation tries not to cause panic — insisting that it's "stronger than ever" despite the drama.

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The IOTA Foundation has insisted that it’s “stronger than ever” after parting ways with its founder David Sønstebø.

In a statement, the foundation said that its directors had “unanimously” agreed to part ways with Sønstebø because “his interests and the interests of the IOTA Foundation have diverged significantly.”

A later update stressed that IOTA “is not about any one individual,” but refused to go into further details about the circumstances surrounding Sønstebø’s departure. It added:

“There were several instances where David's actions were not aligned with what the Foundation stands for and who we aspire to be. We respect David's privacy and the finer details are not important.”

IOTA added that it was grateful for David’s “true leadership with his vision, entrepreneurial spirit and perseverance” — vowing “he will forever be a founder of IOTA.” The statement concluded:

“While this may come as a shock to many, you should recognise that the foundation is willing to make difficult decisions to protect the interests of our community.”

Sønstebø hasn’t commented about his departure on Twitter.

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