Mt. Gox’s CEO resigns from the Bitcoin Foundation while Japanese authorities refuse to help clients

Last updated on September 1st, 2016 at 05:21 pm

The many requests of the Bitcoin community were apparently heard by Mark Karpeles and the Bitcoin Foundation. The CEO of the Japan-based exchange Mt. Gox decided to resign from the organization’s board.

“Effective immediately, Mt. Gox has submitted their resignation from the board of directors. We are grateful for their early and valuable contributions as a founding member in launching the Bitcoin Foundation. MtGox Co. Ltd. (Japan) held one of the three elected industry member seats. Further details, including election procedures, will be forthcoming”, the foundation announced this Monday (24).

Mark Karpeles

Mark Karpeles

The decision was announced after a chain of events that started with the halting of all BTC withdrawals and slowly caused Mt. Gox’s downfall.

Meanwhile, an online petition to remove Karpeles from the Bitcoin Foundation was also successfully signed by 1,740 supporters on, but it is still not possible to know if that initiative had any repercussion.

Mark T. Williams, a finance teacher at Boston University, told the Wall Street Journal that the “discount at Mt Gox reflects the markets ongoing belief that bankruptcy is a high possibility. They have a considerable customer base that remains prevented from getting their money out”.

The exchange is currently exhibiting a low price around $130.

In the meantime, some investors with funds held at Mt. Gox tried to contact the Japanese institutions in order to get their BTC back, but the local authorities refuse to meddle. According to the WSJ, the authorities are hiding in “the regulatory vacuum” in which the Bitcoin exchange operates in the country.

Maria Santos

Maria is an experienced journalist currently living in the UK. She has been writing about Bitcoin and the altcoin universe since 2013. She is also a member of the Lifeboat Foundation's New Money Systems Board and a big cryptocurrency supporter.
Sort by:   newest | oldest | most voted