The IOTA Foundation undergoes a review after the founders canceled the board of directors

The IOTA Foundation issued a public statement on August 8 in order to allay fears of a major disagreement among top management after a transcript of a discussion between the founders and the Board of Directors leaked out.

A statement from CoinTelegraph explains that after a period of uncertainty about access to the Board of Directors of the Serguei Popov Foundation and Sergey Ivancheglo, founding members of IOTA, a Memorandum of Understanding (MoU) would now allow them access.

Due to its status as a non-profit organization registered in Germany, the IOTA Foundation needed to act within the framework of the law, which means that changing its status is possible "only through a resolution of the supervisory board", says the statement. . The IOTA Supervisory Board had not yet met, despite the fact that Popov and Ivancheglo were waiting for the Board's access.

The statement notes that the "circumstances led to a situation in which two of the founders of IOTA have been 'waiting for seats on the board' for more than four months," and also adds:

"Unfortunately, this issue was not given sufficient priority, and there was a failure to keep board members informed about progress."

Tensions remained under the status quo, prompting Ivancheglo to demand that the chairman of the board, Dominik Schiener, resign.

The statement states that "Sergey Ivancheglo stated that requesting the resignation of Dominik was an emotional reaction to the situation, which had accumulated for months. The situation did not seem fair, being an integral member of the team behind IOTA as we know it today. "

The MoU should be in effect before August 10, a provisional measure before the first meeting of the Supervisory Board in September, according to the IOTA statement.

Both the Foundation and Schiener have faced criticism during the past year. In April, a scandal broke out after Schiener told an independent security researcher that he "needed a slap."

In May, University College London severed its links with IOTA altogether, and wrote that it was "inappropriate for security researchers to be subject to threats of legal action for disclosing their results."

Source: CoinTelegraph