The IOTA Foundation splits up with David Sønstebø, the founder of the project
The IOTA Foundation has officially separated from David Sønstebø, the founder of the project. The IOTA board of directors justifies this split by a considerable divergence of interests.
The IOTA Foundation has announced that it is separating from its controversial founder, David Sønstebø. The separation follows a unanimous decision by the Bitcoin Union Foundation’s Supervisory Board, taken „in the best interests of IOTA and its ecosystem“.
In a press release, the IOTA Foundation stated that its interests and those of David Sønstebø differed significantly.
„The decision to separate, although difficult, had to be made. There have been several instances where David’s actions were not aligned with what the Foundation stands for and what we aspire to be,“ says the IOTA Foundation.
As the Foundation points out, IOTA is not about one individual in particular. It brings together more than 120 people with a clear and common strategy for the future of the project. Although its founder is no longer part of the adventure, IOTA’s ambitions will in no way be weakened, quite the contrary according to the Foundation.
It is unlikely that David Sønstebø will remain involved in the project in any capacity whatsoever. However, the Foundation adds that he will remain „forever a founder of Iota“, despite the many controversies surrounding him.
Following this departure, the IOTA Foundation now only has 2 members of the founding team. Last year, co-founder Sergey Ivancheglo left the project of his own accord while encouraging the resignation of David Sønstebø.
A lack of professionalism?
According to numerous testimonies from the crypto-community, David Sønstebø’s behaviour was „deeply alarming and unprofessional“. On numerous occasions during internal conflicts, the project founder allegedly acted in such a way that investors lost confidence in the IOTA project.
Although the project does not rest entirely on its founder, IOTA was very often associated with David Sønstebø, as Changpeng Zhao may be with Binance. Thus, his departure from the IOTA Foundation could restore the image of the project to some people, who believe that David Sønstebø was detrimental to the development of IOTA.
Is it conceivable that David Sønstebø would hold a large quantity of IOTA tokens? This is quite possible, but not verifiable at present. However, if David Sønstebø happens to control a significant part of the outstanding supply, he will retain a certain amount of selling pressure and a large influence on the asset price.
We have recently seen this from XRP, the co-founder of Ripple and creator of Stellar, who has again made a massive dump of its corners. This is a powerful reminder to investors of his influence on Ripple’s assets.