IOTA co-founder announces retreat and clears all cryptocurrencies

IOTA co-founder Sergey Ivancheglo, the Twitter name Come-from-Beyond, has sold the coins in his hand and announced his withdrawal from the cryptocurrency circle.

He said on Twitter last week:

“Today is my last day in the field of cryptocurrency. I no longer hold any cryptocurrency. My project uses IOTA, which is by far the best distributed registration technology.”

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In a recent AMA, Ivancheglo said that he had sold all the coins in his hands, "to avoid conflicts of interest with the projects that are currently being done."

He said: "Although the fourth decade of my life focused on the development of distributed ledgers," he plans to "build a globally shared VR system" over the next decade.

Although he did not elaborate on what project is currently being done, he confirmed that he will continue to work at Qubic and Aigarth.

Qubic is a quorum-based computing protocol that uses IOTA to build oracles and smart contracts, while Aigarth is an AI software built on top of it.

Leaving the IOTA Foundation

Less than a year after Ivancheglo joined the IOTA, he resigned as a board member in June this year, but has since served as an unofficial advisor to the project.

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The departure of Ivancheglo from the IOTA Foundation seems to be caused by internal differences within the organization.

He said at the time:

“I no longer think that the IOTA Foundation is the best platform to achieve our goals in 2014 and 2015. I always need to do my best job in a less rigid environment. I look forward to continuing to do IOTA independently. Hardware and software development work."

“In addition, my personal remarks have been used many times to unfairly attack the IOTA Foundation, which makes me very bored. When I express my opinions through social media platforms, I only represent myself.”

Second Charlie Lee?

Seeing the departure of Ivancheglo, many people thought of Charlie Lee, the founder of Litecoin.

As everyone knows, Lee sold all of the Litecoin in his hands in December 2017, saying there was a conflict of interest in holding Litecoin because he had a very strong influence on the price of the currency.

Two days after he published the news, CoinMarketCap's data showed that the price of Litecoin fell more than 32%, from $337.15 to $226.10.

As for the impact of Ivancheglo's departure on the market, it is far less obvious.

After Ivancheglo's public news, the price of MIOTA fell by about 5.5%, from $0.280223 to $0.265536.