Bitcoin faces resignations for unknown reasons

Ten members of Bitcoin development group who were involved in overseeing the Bitcoin virtual currency have reportedly resigned.

According to The BBC, the members resigned from the Bitcoin Foundation post election of entrepreneur Brock Pierce to its board.

Some of the resigned members have said that their decision had been prompted by allegations about Mr Pierce's past behavior that involved drugs and sexual misconduct, the report added.

However, Pierce has denied all the charges against him in a video statement which was posted on Bitcoin's discussion forum.

Meanwhile, few resigned members blame track record of prominent Bitcoin Foundation members, saying that they do not want to be associated with such people.