Bitcoin Foundation rocked by wave of resignations
The Bitcoin Foundation, an umbrella group created to oversee operation of the virtual currency, has been rocked by a wave of resignations with ten members handing in their notice following the election of Brock Pierce to its board.
The controversial appointment caused consternation in the ranks over allegations surrounding Pierce’s murky past; including claims of drug taking and sexual misconduct – all of which Pierce strenuously denies.
This did little to assuage many however with Patrick Alexander, one of those to quit, taking to the firms discussion board to explain his decision thusly: "The track record of prominent Bitcoin Foundation members has been abysmal. I no longer want to be associated with these people."
Patrick Murck, chief lawyer for the Bitcoin Foundation, said: "Democracy is messy sometimes. If in the future members decide they want to have a vetting process, that's great."
Bitcoin has been dragged into a number of controversies in recent months including the theft of millions of dollars of Bitcoins from the MtGox exchange and the arrest of Bitcoin entrepreneur Charlie Shrem on allegations of money laundering.