ARTICLE
The Bitcoin Foundation
The Bitcoin Foundation was founded in September 2012 with a stated mission to "standardize, protect and promote the use of Bitcoin cryptographic money for the benefit of users worldwide. The organization was modeled on the Linux Foundation and is funded mainly through grants made by for-profit companies that depend on the Bitcoin technology. According to the founding documentation cited in this article, the Bitcoin Foundation's original founding members included Gavin Andresen, Charles Schrem, Mark Karpeles, Peter Vessenes, Roger Ver, and Patrick Murck. Current board members are divided into one of three categories: Founding Members, Industry Members, and Individual Members. The current board is made up of a combination of elected members of the aforementioned categories. The Foundation and its leadership have frequently been accused of failure, dubious ethics, and corruption. Former vice-chairman Charlie Shrem faces federal money laundering charges for his role in assisting agents of the infamous online drug marketplace Silk Road. Executive chairman Peter Vessenes' business relationship to former board member Mark Karpeles, the disgraced CEO of bitcoin exchange Mt. Gox, has been highlighted as inappropriate. The Foundation has also suffered scrutiny and resignations over its hiring of former child star Brock Pierce.
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