Skip to main content
  1. Tech
  2. Gadgets & Tech
  3. Tech Gear

Mt. Gox sends resignation to Bitcoin Foundation Monday morning

See also

Mt. Gox’s resignation from the Bitcoin Foundation early this morning comes after an extremely difficult month due to technical problems and cyber-attacks, reports Reuters breaking the news early morning today.

Jinyoung Lee Englund, a spokesperson for the Bitcoin Foundation - a trade group promoting the adoption of the digital currency, confirmed the news and said the resignation was effective immediately.

In an unnerving announcement in early February, Mt. Gox CEO Mark Kapeles announced that redemptions would be suspended due to technical problems. As one of the two largest Bitcoin exchanges it caused immediate plummet of Bitcoin value up at $850 before the announcement to below the $700 range.

Immediately after the Mt. Gox announcement the foundation's chief scientist Gavin Andresen made an announcement.

‘The issues that Mt. Gox has been experiencing are due to an unfortunate interaction between Mt. Gox's implementation of their highly customized wallet software, their customer support procedures, and their unpreparedness for transaction malleability, a technical detail that allows changes to the way transactions are identified,’ Andresen said in a statement on the Foundation's blog on February 10.

When a bitcoin is required to be transferred from one account to another for redemption it must be recorded in a public ledger. If it cannot appear on the ledger and a second bitcoin is requested and transferred the system has transaction malleability. Mt. Gox has been unable to overcome this problem since its close on Feb.7.

CEO of Tokyo-based Mt. Gox Mark Kapeles has been with the Bitcoin Foundation as one of the founding members and one of three elected industry representatives on the board of the Bitcoin Foundation.

The Bitcoin Foundation posted this statement immediately after the resignation announcement from Mark Kapeles:

‘Effective immediately, Mark Karpeles has submitted his resignation from the board of directors. We are grateful for his early and valuable contributions as a founding member in launching the Bitcoin Foundation.’

‘As CEO of Mt.Gox Co. Ltd. (Japan), he held one of the three elected industry member seats. Further details, including election procedures, will be forthcoming.’

Bitcoin pricing can be found on Coindesk.

To find out more information about Bitcoin see the list below in Author’s suggestions and the video atop this article on Bitcoin in Japan and the Tokyo Bitcoin group.

Advertisement

Don't Miss

  • Massive
    Ubisoft Massive exclusive: 'The Division', PS4 & Xbox One, Activision to Ubisoft & more
    Camera
    Games Exclusive
  • iPhone
    Get your wallet ready: The next iPhone could cost $100 more than your last one
    Video
    Tech Buzz
  • Civ
    Need to catch up on 'Sid Meier's Civilization'? Here is everything you need to know
    Camera
    Games Feature
  • Google Glass
    See how Google Glass is letting sick kids go to the zoo without leaving the hospital
    Tech News
  • Upcoming
    These are 2014's biggest PS4, Xbox One and Wii U games
    Camera
    Games Feature
  • Google
    Google has filed for a patent to develop contact lenses capable of taking photos
    Video
    Headlines

Related Videos:

  • It's not a "smart" watch. HappyHour Timepieces Bottle Opening Watch.
    <iframe width="600" height="337" src="//www.youtube.com/embed/skh4TDxBr_Q?VQ=HD720&amp;autoplay=1"></iframe>
  • Recap: National Facilities Management and Technology 2014 show in Baltimore
    <div class="video-info" data-id="517697768" data-param-name="playList" data-provider="5min" data-url="http://pshared.5min.com/Scripts/PlayerSeed.js?sid=1304&width=480&height=401&playList=517697768&autoStart=true"></div>
  • Sing like the rockstar you are with Singtrix
    <iframe width="560" height="315" src="//www.youtube.com/embed/Csmmfqzur6M?VQ=HD720&amp;autoplay=1"></iframe>

User login

Log in
Sign in with your email and password. Or reset your password.
Write for us
Interested in becoming an Examiner and sharing your experience and passion? We're always looking for quality writers. Find out more about Examiner.com and apply today!