Erosion of faith served as death knell for Bitcoin exchange

[NEW YORK] As the Bitcoin exchange Mt. Gox was careening towards collapse in early February, its owner, Mark Karpeles, found that even some of his fellow virtual currency advocates were losing faith.

Members of the Bitcoin Foundation's board, an important promoter of virtual currencies, were losing confidence because the exchange had been associated with another foundation member who was arrested in January on money-laundering charges.

The young currency in recent months had been increasingly backed...

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to