Bitcoin Foundation ‘effectively bankrupt’, may split in two

By | April 8, 2015

The Bitcoin Foundation may split into two separate bodies after facing reputational damage, declining membership and continued losses.


“The foundation has almost no money left, and just fired 90 per cent of its people. Some will stay on as volunteers,” Janssens wrote, adding that a lack of transparency and poor spending decisions led to its current crisis.

“The foundation isn’t bankrupt, but the board needs to decide whether the responsible thing to do is to continue the organization with a much smaller organization and vision or to dissolve it,” board member Gavin Adresensaid in response.

According to the leaked document, the Foundation still can still cover operational costs at its current burn rate for several months.