On behalf of the Bitcoin Faucet, Gavin Andresen has returned 726 bitcoins (approximately $95,000) that were in limbo to the Electronic Frontier Foundation (EFF) – a non-profit organisation that defends free speech, privacy and consumer rights – after a two-year history of the money being sent back and forth.
The move comes after the EFF last month said it would once again accept bitcoins via BitPay after a two-year freeze on the currency.
Andresen reportedly told the EFF: “I’m satisfied to see these bitcoins will be used as they were intended – as a donation to support the work of the Electronic Frontier Foundation. The Bitcoin Faucet was happy to receive the funds, but we are particularly glad to see them used as they were originally intended.”
The EFF originally gave 3,505 bitcoins to the Bitcoin Faucet when in 2011 it decided to stop taking bitcoins. The Bitcoin Faucet, which used to distribute small amounts of bitcoin to the community to promote its use, then shut down, leaving some of the money in limbo.
The EFF stated: “Some of these remaining bitcoins were used to reimburse Bitcoin mining pools that suffered financial losses during a blockchain fork. Additionally, about 150 BTC of Faucet funds were also given to the Minecraft Faucet and the “Exchange Reddit Karma for Bitcoins” project.
“However, there were still over 700 bitcoins remaining from EFF’s original contribution, and no easy way to redistribute them equitably to the Bitcoin community.”
The EFF’s move to once again accept bitcoin gave Andresen the green light to return the money.
The EFF said: “We wanted to extend our heartfelt appreciation to the Bitcoin community for its steadfast support of our work and explain the unique story behind this particular donation. Above all, we want to commit to using this donation to promote liberty in the digital world. We’ll be using this money to support our impact litigation, advocacy, and technical projects that defend individual privacy, combat government surveillance, support free expression, and promote innovation.”
The blockchain transaction is here.