MtGox leaves the Bitcoin Foundation board


Gigaom

Mark Karpeles, CEO of the pioneering but troubled Bitcoin exchange MtGox, has resigned his seat on the board of the Bitcoin Foundation, the organization that standardizes and promotes the cryptocurrency.

While some are calling this a potential blow to Bitcoin, it may be quite the opposite. MtGox is hardly a great ambassador for Bitcoin right now, and recent events have led to clashes between the company and the Foundation.

MtGox, which handled the bulk of Bitcoin transactions until fraudulent hacking forced it to freeze withdrawals earlier this month, has had serious liquidity problems since last year. Though others were subsequently hit too, Bitcoin Foundation chief scientist Gavin Andresen blamed the exchange rather than the core protocol for the episode, and MtGox’s systems have struggled to recover.

The Tokyo-based company has repeatedly promised a fix but failed to deliver. Its most recent communication was on Thursday, claiming that “security problems”…

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