Bittorrents Founder Cuts Ties Following Acquisition

Bittorrents Founder Cuts Ties Following Acquisition

Bram Cohen has officially cut all ties between him and BitTorrent, the company he founded in 2004. This comes after the company was acquired by Justin Sun.

Cutting All Ties With Bittorrent

TorrentFreak has officially made the announcement that Cohen has made it public that he has severed all ties with the company, quoted as saying he had no involvement with the company or the one that acquired it. BitTorrent, a peer-to-peer network was founded almost two decades ago, with its working protocol being created three years earlier.

Cohen has reportedly already ceased being active in the day to day running of the business last year in order to fully concentrate and immerse himself in a new project. When this news broke at the time, he said that even though he had stepped down from the daily operations of the company, he had a seat at the Board of directors table and would stay on as such.

However, he has now confirmed that as of the time of the announcement he no longer had any ties with the company whatsoever, in an official capacity, or with the company that acquired it. Rainberry Acquisition Inc, owned by Justin Sun, acquired BitTorrent mid this year for a total of $120 million.

Though he has been known as a crypto skeptic, Cohen has said that this has not been the main reason why he has chosen to cut ties with his former company. In fact, the new project he is currently working on is, as reported last year, an environmentally friendly cryptocurrency that will be known as Chia Network upon Launch. Cohen had announced that the project will be complete and be launched by the end of the year. This, however, he has not confirmed lately, and it is still not known if the project is still on the previously outlines track.

The Exodus Of The Employees

Cohen has not been the only person, formerly of BitTorrent, to cut his ties with the company following the buyout. Even though reports have it that Tron is looking to expand its team, former employees of BitTorrent are apparently leaving the company. The official Twitter page of the company puts the total number of employees who have left to supposedly pursue higher education and better job opportunities at five since the acquisition.

The post goes on to state that the company will be continually expanding its team with sixteen employees having already been brought on board since the end of June. It hints at many more to be recruited to realize the company vision.

Parting Ways In A Less Than Amicable Way

Multiple sources have said that the employees that have left so far did not leave in an amicable fashion. These sources also hint at many other employees is not only uncomfortable with the direction that the company will be taking under the direction of Sun but also with being linked to the Tron brand which has had a few controversies in the crypto sphere. There is also word that some of the most senior employees might be in line to leave the firm also.

August 22, 2018

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Samantha Mitchell

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