The Bitcoin Foundation seems to be in a lot of trouble than it seems. The non-profit organization that is responsible for promoting the usage, adoption and also development of Bitcoin ecosystem is facing a fund crunch.
The foundation is being accused of mismanagement and it’s very existence is now being questioned by Bitcoin Foundation’s own members. According to reports, one of the board members of the foundation, Jim Harper has raised questions about the functioning of Bitcoin Foundation. He doubts whether Bitcoin Foundation should continue its operations and if it is providing any value to the community at all.
CryptoCoins News, one of the cryptocurrency news publication has also reported that another director, Olivier Janssens has commented that the Bitcoin Foundation is beyond help and it is can’t be fixed.
Few members from the Bitcoin Foundation have had their run-ins with the law as well. Two of them are Charlie Shrem and Mark Karpeles. While Charlie Shrem is currently serving prison sentence for his indirect involvement in money laundering through Silk Road, the now defunct bitcoin market place, Mark Karpeles has been in the custody of Japanese police as the investigation into Mt Gox scam continues.
The foundation has been responsible for organizing and funding various bitcoin related events across the world. In order to carry out its operations effectively, Bitcoin Foundation is in dire need of funds, without which it may be unable to function as intended. The foundation’s current holdings has fallen down to a bit over $12,000 with over $7 million unaccounted for, from the past two years. Most of the losses were factored to the sudden drop in bitcoin price following the Mt Gox incident which led to the value of foundation’s bitcoin holdings plummet.
The ultimate fate of Bitcoin Foundation remains undecided at the moment and it is dependent on how successful the organization will be when it comes to raising funds in the immediate future.