The gist of his post on 7th March, 2014 is as under :
1) The Foundation never once warned Bitcoin investors about keeping deposits in Mt. Gox, despite clear red flags dating back to at least April 2013. Nor did the Foundation craft or advocate for best practices such as technical transparency, deposit audits, or appropriate consumer protection disclosures. This was a colossal failure of leadership.
2) There is evidence that Bitcoin Foundation board members may have had direct access to Mark Karpeles which allowed them to personally deposit and withdraw funds from Mt. Gox, despite persistent delays for other customers.
3) There is a troubling and inappropriate overlap between Peter Vessenes’ staff at his private company, CoinLab, and the Bitcoin Foundation’s staff, which goes far beyond shared office space.
4) The current leadership has shown a stunning disregard for proper communications with its members. The importance of immediate resignations (rather than gradual) is highlighted by the Board’s secret plans to move the Foundation’s headquarters to London without input from members and sponsors.
5) Peter Vessenes has had a nine month conflict of interest regarding Mt. Gox given that his company CoinLab was involved in an active multi-million dollar lawsuit against Mark Karpeles and Mt. Gox, following a failed partnership. Both men remained on the board of directors, and the Foundation failed to draft adequate by-laws that would allow them to address situations such as this where directors had material conflicts, which would compromise their ability to act in the best interests of its members.
Separately, Mt. Gox has updated its website tonight with a spam warning (PDF) claiming that phishing emails are being sent to former users