Categories: Bitcoin Entertainment

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

Click here to view original web page at cointelegraph.com
Vault of Satoshi

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.

Did you enjoy this article? You may also be interested in reading these ones:

Experience Hashstaker, the World's First Cloud Staking Wallet with no drops in payouts, no maintenance fees, and no increase in difficulty!

“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 […]

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama
Tags: one

Recent Posts

Wealth manager launches world-first bitcoin yield fund

A US-based wealth manager has claimed an industry milestone with the launch of the first cryptocurrency derivatives-based yield fund on… Read More

5 hours ago

CME Group To Launch Bitcoin Options In Early 2020, Cites Client Demand

CME Group Inc (NASDAQ: CME ) announced Friday that it will launch options on its Bitcoin futures contracts in the… Read More

5 hours ago

Nigerian Rocks Crypto World By Returning NGN 28.8 Mn Worth Of Bitcoin That Was Sent To Him In Error

Here’s the latest on today’s edition of “Wait, What?!”; A Nigerian man woke up one day to find that NGN… Read More

5 hours ago

Bakkt: A Big Boost For Bitcoin (BTC) or Will It Flop?

Share Tweet Send Share The launch of the largest institutional bitcoin product of the year is finally upon us. Can… Read More

5 hours ago

Bitcoin (BTC) Metrics Pointing to Bullish Returns

Share Tweet Send Share Many analysts over the years have said that bitcoin is a speculative bubble, comparing it to… Read More

5 hours ago

Bitcoin Sheds $10,000 Support Again Ahead of Bakkt Launch

Ahead of the launch of Bakkt’s Bitcoin (BTC) futures, bears have continued to assert control over the cryptocurrency market. Ouch.As… Read More

11 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More