Patrick Byrne leaves Overstock following an FBI investigation

Patrick Byrne leaves Overstock following an FBI investigation

Patrick Byrne, a well-known promoter of Bitcoin, has resigned as CEO of the e-commerce platform Overstock. The company was one of the first retail platforms that accepted bitcoin as a payment method, largely due to Byrne’s influence.

One letter to shareholders, Patrick Byrne explained that his decision is justified by his involvement in the FBI investigation into Russian interference in the 2016 US presidential election. He has been involved in a relationship with a Russian agent named Maria Butina since 2015.

Byrne led Overstock under crisis conditions and majorly contributed to the launch of tZero, the company’s crypto token platform. However, in the first quarter of 2019, the company had disappointing revenues.

He said he did not want the FBI investigation to affect Overstock’s image and is confident of the future of blockchain and crypto technology. In a letter to shareholders, he stated:

“I think the blockchain revolution will reshape the essential social institutions. I designed and inspired the most important keiretsu blockchain in the world. A network of blockchain companies trying to revolutionize identity, land governance (= rule of law = potential = capital), centralized banking systems, capital markets, supply chains and voting system. In three of these areas (land governance, central banks and capital markets), the word “trillions” appears when calculating the disruptive opportunity of the blockchain. “

According to a press release from Overstock, published on August 22, the position of CEO will be held by Jonathan Johnson. It remains to be seen whether Byrne’s pro-crypto orientation will continue.


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