Weiss Ratings apologizes for the false assessment of IOTA

  • Weiss Crypto Ratings has publicly apologized to the crypto community for the incorrect assessment of IOTA’s current project status.
  • IOTA cofounders Dominik Schiener and David Sønstebø acknowledged the correction

As CNF reported, a few days ago a tweet from Weiss Ratings about IOTA caused quite a stir. The rating agency claimed that the IOTA Foundation is running out of money because there are no commercial applications for the Tangle. Based on this, Weiss Ratings also concluded that IOTA could “fall by the wayside” in the race with other projects.

In a tweet published yesterday, the provider of independent ratings for cryptocurrencies has now publicly apologized to the crypto community and the IOTA Foundation for the tweet. After the IOTA team contacted the rating agency, the rating agency conducted further investigations of its own, which showed that the claims of the previous tweet were false. As a result, Weiss Ratings also deleted the vacant tweet yesterday:

After #IOTA team reached out to our analysts concerning our recent IOTA tweet, we conducted additional research that showed our commentary on news about IOTA was based on false premises. We apologize to crypto community for any issues this might have caused.

Our ratings model NEVER reflects news items or commentary of them, only fundamental and technical data. To avoid further confusion, the previous tweet containing errors was deleted.

The apology and insight was received very positively within the crypto community. In addition, the two IOTA co-founders Dominik Schiener and David Sønstebø, who also commented on the first tweet and tried to refute it with facts, also took the floor. Schiener appreciated the offered apology and wrote via Twitter:

Thank you for doing your own due diligence and research. Appreciate the correction.

David Sønstebø agreed with his co-founder and explained that mistakes can happen as long as they are corrected:

Mistakes happen, very happy to see you own and correct them.

The latter had already investigated the alleged origin of the claim in his response to the original tweet. This was an article published on CryptoBriefing in which the author Anton Tasarov supposedly proved that the IOTA Foundation was running out of funds. However, as Sønstebø discussed in his tweet, even before Weiss Ratings published the disputed tweet, all allegations from this article were disproved.

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About Author

Jake Simmons

Jake Simmons has been a crypto enthusiast since 2016, and since hearing about Bitcoin and blockchain technology, he's been involved with the subject every day. Beyond cryptocurrencies, Jake studied computer science and worked for 2 years for a startup in the blockchain sector. At CNF he is responsible for technical issues. His goal is to make the world aware of cryptocurrencies in a simple and understandable way.

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