07 Apr '15, 6am

Bitcoin Foundation said to be out of cash

The Bitcoin Foundation, an organization that promotes development of bitcoin, is “effectively bankrupt” and has shed most of its staff, a member of the foundation’s board of directors has said. Two other board members, however, said the foundation was not bankrupt, though in need of some kind of restructuring. The outburst by Olivier Janssens, who was elected to the board last month, is the latest in a series of controversies surrounding the foundation, which was founded in the U.S. in 2012 as a nonprofit entity. “The foundation has almost no money left, and just fired 90 percent of its people. Some will stay on as volunteers,” Janssens wrote in a blog post on the foundation’s forum. “The Bitcoin Foundation hates transparency,” he added. “If they would have been transparent then everyone would know there is no money left.” Janssens attributed the foundation’s financial str...

Full article: http://www.pcworld.com/article/2906872/bitcoin-foundation...

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