Overstock CEO Patrick Byrne resigns in wake of "deep state" remarks

Crypto Advocate Patrick Byrne Resigns as CEO of Overstock

Overstock CEO Resigns After Unusual Message About 'Deep State'

Overstock.com, Inc. saw its shares spike 10% on Wall Street after its CEO Patrick M. Byrne resigned due to the fallout arising from his intimate relationship with Russian spy Marina Butina, allegedly at the behest of the Federal Bureau of Investigation.

The phrase "Deep State" is used to suggest there is an architecture of government that operates outside the democratic system.

Byrne's involvement in the Russian narrative concerned his relationship with Maria Butina, a Russian gun rights activist who was convicted in the U.S.in 2018 for failing to register as a foreign agent. President Donald Trump and his supporters have additionally utilized the expression to reference paranoid ideas that guarantee treacherous on-screen characters are endeavoring to undermine his administration. She pleaded guilty late previous year to a lesser count and admitted in a plea agreement to acting "under direction of" a Russian official whom CNN has identified as Torshin.

He was initially told to break things off with Butina, he says, but was then asked to "rekindle" the relationship in July 2016, because the bureau wanted more information as part of its counterintelligence probe into Russia's ongoing efforts to subvert the US elections.

Byrne's fortunes began to spiral downhill after he approved the issuance of a press release hoping to explain this sordid affair.

Equity authorities observed parts of Byrne's story to be trustworthy to some extent since he shared operational subtleties that were not generally known, the United States authority said.

"I think the blockchain revolution will reshape key social institutions".

Byrne said he first met Butina at an event in Las Vegas in 2015.

Maria Butina's attorney, Robert Driscoll, said his client will never plead guilty to the charges because they were not truthful.

Overstock scheduled a call with investors Monday to discuss its leadership changes.

Overstock is broadly known as an e-commerce site for snagging furniture, decor and appliances on the cheap.

Overstock appointed Jonathan Johnson III as its interim CEO and Kamelia Aryfar as a member of its board of directors following Byrne's resignation.

"I am confident Overstock's future - both in retail and blockchain - is bright", Johnson sad in a statement. A major figure in the bitcoin and blockchain industry, Byrne announced the news today after revealing in July he had been in a relationship with a Russian national embroiled in the now-infamous "Russiagate" series of news conspiracies.

"The best thing to do for shareholder interest is to use cash flow to mature our blockchain keiretsu firms to fruition while we keep running our retail business focusing on refining it as an exquisite gem of a technology platform, rather than again trying to go head-to-head with any firm in the process of dropping billions of dollars in losses", he said.

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