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Patrick Byrne, Crypto Champion, Resigns as Chief Executive of Overtock

August 22, 2019 at 4:21 PM | By Jit Sutradhar News

Patrick Byrne, a rare cryptocurrency advocate among the heads of US public companies. UU., Resigned his functions in Overstock.com.

Byrne wrote in a letter to shareholders on Thursday that he resigned from the company as CEO and as a member of its board of directors due to insurability and other reasons after admitting a three-year relationship with Maria Butina, a Russian agent currently serving 18 months in prison after pleading guilty to charges of acting as a foreign agent.

Jonathan Johnson, the current president of the Overstock blockchain initiative, Medici Ventures, will replace it provisionally, a press release said Thursday.

“In his twenty years as leader of Overstock, Patrick’s vision of Overstock as a leader in innovation has come true,” Johnson said in a statement. “It will be my mission to take the helm to continue and build on the achievements and success of Overstock.”

Johnson added that “I am sure that the future of Overstock, both in retail and blockchain, is bright.”

Byrne said Johnson is “prepared … to successfully monitor our retail and blockchain businesses” in the press release.

While acting as interim CEO, Johnson will continue to serve on the board of directors of Medici Ventures and the company’s security token exchange platform, tZERO, and will also act as president of Medici.

Patrick Byrne image via CoinDesk archives

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