The Bitcoin Foundation, a trade group composed of hundreds of individuals and companies involved in the cryptocurrency’s promotion, has been hit with at least a dozen resignations in the wake of the election of a new controversial board member. The board is the most public face of Bitcoin and acts as the governing body for the Bitcoin Foundation, making executive decisions on behalf of its members.
Last Friday, American entrepreneur Brock Pierce was elected as one of two new board members to the body, which now comprises seven people, recently expanded from five.
Fifteen years ago, Pierce cofounded a Southern California startup called Digital Entertainment Network. Despite raising tens of millions in venture capital, that company eventually went under. Not long before the company was slated to have its initial public offering in 1999, Pierce and two other cofounders were named in two civil lawsuits alleging sexual abuse of underage boys. Pierce was never charged criminally.
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