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Mt. Gox sends resignation to Bitcoin Foundation Monday morning

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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.

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