Mt. Gox in Deep Trouble, CEO Mark Karpeles Resigns from the Bitcoin Foundation

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Mt. Gox in Deep Trouble, CEO Mark Karpeles Resigns from the Bitcoin Foundation
Mt. Gox in Deep Trouble, CEO Mark Karpeles Resigns from the Bitcoin Foundation

Mt. Gox in Deep Trouble, CEO Mark Karpeles Resigns from the Bitcoin Foundation

The Bitcoin Foundation confirmed that Mt. Gox CEO Mark Karpeles has resigned from his position as a board member with the Bitcoin Foundation. Earlier, ForexMinute reported that Charlie Shrem who has been accused of supporting money laundering activities with his Bitcoin exchange was asked to resign from the Bitcoin Foundation.

Now, Mt. Gox which has been facing a lot of trouble was due to technical glitches at its end forced it to shut its operations for a couple of days is in deep mess. The resignation from CEO Mark Karpeles is an indication that things are not alright in Mt. Gox. The Bitcoin Foundation posted the announcement on its blog that effective immediately, Mark Karpeles has submitted his resignation from the board of directors.

The website also said that it is grateful for his early and valuable contributions as a founding member in launching the Bitcoin Foundation. It admitted that 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.

Customers are facing a lot of problems as Bitcoin prices are falling, there is also no notice since 20th February as to when and if Mt. Gox will resume Bitcoin withdrawals for its users. Nonetheless, except for a few reports that kept coming, users complain that the company had not made any information available as to when will it will start processing services for its customers.

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Mark Karpeles May Also resign from His CEO Position at Mt. Gox

In fact, Mt. Gox seems to be deleting all posts from its official Twitter feed and that according to thousands of customers is worrisome as it is generating higher levels of uncertainties. The lack of communication on the part of Mt. Gox is another problem that customers are complaining about, as they are unable to know what is going on with the Bitcoin exchange.

As the trouble keeps increasing for Mt. Gox and Mark Karpeles, there had been some hand-wringing at the Foundation and its online forums as some people are asking for some sort of action against the Bitcoin exchange and the CEO. Some people are asking for his removal as now the water is flowing over the head and the Bitcoin exchange is in deep trouble.

Mt. Gox has come under severe criticism from several angles recently first for suspending withdrawals, then for damaging Bitcoin’s public image by blaming a long-known transaction malleability issue in the Bitcoin protocol for the problem.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com

  • Anonymous

    for BITCOIN.

  • BillB

    GOOD RIDDANCE! Now Let’s NOT throw out the Bitcoin with the GUTTER WATER! This is the BEST THING for Bitcoin! Like the takedown of the Silk Road. Brings MORE Legitimacy. MtGOX is Corrupt and needs TO GO! 🙂