Founders Close Vault of Satoshi So They Can Focus on New Business

Vault of Satoshi announced that it will close on February 5. The founders are busy with another business.

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Founders Close Vault of Satoshi So They Can Focus on New Business

Vault of Satoshi announced that it will close on February 5. The founders are busy with another business.

“Our founders and team of developers began work on a new, noncryptocurrency project about six months ago, which has since become quite successful. We are forced to make a choice on where to expend our efforts, as we simply do not have time to continue operating both businesses,” the announcement reads.

The announcement doesn't list what the business is, but co-founder Michael Curry's LinkedIn profile says that he's been co-founder of TurboFlix for seven months. We reached out to verify, but Vault of Satoshi didn't immediately respond to requests for comment.

Users will have plenty of time to settle trades and cash out on deposits at the exchange. But the exchange will not accept any new deposits.

According to the announcement, they are closing strictly because of their new business, not due to mismanagement of funds. The announcement, plastered over the website front page, reads:

“We’d like to reassure the community that it has absolutely nothing to do with insolvency, stolen funds, or any other unfortunate scenario.”

The news is hot on the heels of Bitstamp's alleged hot wallet issue, which has users on edge. The major exchange has warned against depositing bitcoins at the exchange until the problem is resolved. Vault of Satoshi's closure is more bad news in an already bad week for Bitcoin.

Vault of Satoshi is one of Canada's leading cryptocurrency exchanges. It made headlines as the first exchange to implement a proof of-solvency system, giving evidence of the exchange's balance and the security of deposited funds.

Rest assured, although the exchange will be shutting down, they still think Bitcoin is awesome:

“There’s no doubt that this is just the beginning, and we will continue to watch from the sidelines as history unfolds, with Bitcoin becoming more understood, accepted, and appreciated every day.”

Read the full announcement on the website.


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