IOTA is in a crisis of meaning

IOTA has recently been overshadowed by negative headlines. Publicly held disputes, pilot projects pending in the development phase and the latest low point: The closure of the Tangle by the coordinator who has been switched off – IOTA is in a crisis of meaning. In order to restore trust in the project, the Foundation must remember essential virtues.

With the Tangle, the IOTA Foundation has developed a technology that is designed to provide nothing less than the infrastructure solution for the Internet of Things. If you look at the past reports from IOTA, the word tangle also describes the current status of the IOTA Foundation. Leading minds behind the project get caught up in the dispute, while the coordinator remains in an artificial coma. So it is high time that IOTA unraveled.


Controversy over developers

The public was recently able to witness a dispute between developers Sergey Ivancheglo and David Sønstebø on Twitter. This involved the claim of 25 million MIOTA that Sønstebø allegedly owes to Ivancheglo.

Ivancheglo had left the IOTA Foundation last year, but apparently still had an invoice open. The former IOTA developer accuses Sønstebø of illegally holding back the amount requested. Sønstebø, on the other hand, has played the ball back and, in turn, accuses Ivancheglo of failing to develop a tangle solution without a coordinator while working at IOTA.


Coo gasps

Just a few days after the developers exposed each other to accusations, the crypto world received news on February 12 that the Trinity Wallet had been attacked. So far unknown hackers have access to 50 seeds via an interface of the financial service provider Moonpay. They stole IOTA tokens worth $ 2.3 million.

The coordinator was initially shut down as a result of the attack. Transactions were therefore no longer possible via the Tangle. The Foundation responded to the incident in a three-part statement and announced an appropriate tool to protect the seeds. However, the incident angered many investors, not just those whose tokens were stolen.