Receive all Cointelegraph news immediately in Telegram.
Vault of Satoshi announced that it will close on February 5. The founders are busy with another business.
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.
Vault of Satoshi, exchange, Bitstamp, announcement, TurboFlix, Michael Curry, Bitcoin, News
“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.
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.
Did you enjoy this article? You may also be interested in reading these ones:
Follow us on Facebook
For updates and exclusive offers, enter your e-mail below.
One fine body…
Thank you for contacting us! We will reply to you as soon as possible.
Thank you for your interest in our franchise program.
We are considering your request and will contact you in due course. If you have any further queries, please contact:
Reset letter sent.
Please checkout your mailbox for password reset details