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Bitcoin Foundation
The Bitcoin Foundation was an American organization formerly registered as a nonprofit corporation.
It was founded in September 2012 to help restore the reputation of Bitcoin after several scandals and to promote its development and adoption. The organization was modeled on the Linux Foundation and funded primarily through grants made by bitcoin-dependent companies.
The foundation was established after Bitcoin had gained a reputation for criminality and fraud. The founding chairman was Peter Vessenes.
Former lead Bitcoin developer Gavin Andresen was hired as chief scientist.
In June 2013, the foundation received a letter from the California Department of Financial Institutions ordering it to cease operating as an unlicensed money transmitter.
In November 2013, general counsel Patrick Murck testified before a U.S. Senate committee on digital currencies, receiving a generally positive reception from lawmakers.
In January 2014, vice-chairman Charlie Shrem was arrested for aiding an unlicensed money-transmitting business linked to the Silk Road marketplace. He resigned and later pled guilty.
In February 2014, Mark Karpelès, CEO of Mt. Gox, resigned after the exchange lost 750,000 customer bitcoins and went bankrupt. Executive chairman Peter Vessenes’ business ties to Karpelès were criticized.
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Bitcoin Foundation
The Bitcoin Foundation was an American organization formerly registered as a nonprofit corporation.
It was founded in September 2012 to help restore the reputation of Bitcoin after several scandals and to promote its development and adoption. The organization was modeled on the Linux Foundation and funded primarily through grants made by bitcoin-dependent companies.
The foundation was established after Bitcoin had gained a reputation for criminality and fraud. The founding chairman was Peter Vessenes.
Former lead Bitcoin developer Gavin Andresen was hired as chief scientist.
In June 2013, the foundation received a letter from the California Department of Financial Institutions ordering it to cease operating as an unlicensed money transmitter.
In November 2013, general counsel Patrick Murck testified before a U.S. Senate committee on digital currencies, receiving a generally positive reception from lawmakers.
In January 2014, vice-chairman Charlie Shrem was arrested for aiding an unlicensed money-transmitting business linked to the Silk Road marketplace. He resigned and later pled guilty.
In February 2014, Mark Karpelès, CEO of Mt. Gox, resigned after the exchange lost 750,000 customer bitcoins and went bankrupt. Executive chairman Peter Vessenes’ business ties to Karpelès were criticized.