Bitcoin Foundation Is ‘Effectively Bankrupt,’ Board Member Says
While the Bitcoin Foundation obviously does not have control over Bitcoin itself, it’s the closest thing to a public face that the community has. Individual memberships start at $25, while corporate memberships start at $1,000 annually. The non-profit’s own tax filings from 2013 show that it ended that year with over $4.7 million in total assets—nearly five times as much as it had at the same time the previous year. It has yet to release financial details for 2014.
The organization was founded in 2012 by a number of Bitcoin luminaries who have since fallen, and the group itself has been marred by controversy in recent months. Of its original five founders, one is in now prison (Charlie Shrem), another oversaw the collapse of the largest Bitcoin exchange (Mark Karpeles), and yet another has since left the United States for a Caribbean nation known for offshore banking (Roger Ver). Of the original board members, only Bitcoin lead developer Gavin Andresen has remained.