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IOTA Foundation Undergoes Overhaul After Founders Shut Out of Directors Board

Discussion in 'General Discussion' started by Arpit, Aug 10, 2018.

  1. Arpit

    Arpit Moderator Premium Member

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    The IOTA Foundation released a public statement August 8 in order to quell fears of a major disagreement among senior management after a transcript of a discussion between the founders and the Board of Directors was leaked.

    A statement seen by Cointelegraph explains that following a period of uncertainty over IOTA founders Serguei Popov and Sergey Ivancheglo’s access to the Foundation’s Board of Directors, a Memorandum of Understanding (MoU) would now allow them access.

    As a German-registered non-profit, the IOTA Foundation needed to act within the law, meaning changing its statute is possible “only by a supervisory board resolution,” the statement says. IOTA’s Supervisory Board had not yet met, despite Popov and Ivancheglo waiting for Board of Directors’ access.

    The statement notes that the “circumstances lead to a situation, where two of the IOTA founders have been ‘waiting for board seats’ for more than four months,” adding:

    “Unfortunately, sufficient priority was not given to this open issue, and there was a failure to keep the missing board members informed about progress.”


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