Exchange Vault of Satoshi Closing

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Global CryptoCurrency Solutions Inc has announced it will be shuttering the doors of cryptocurrency exchange Vault of Satoshi. The Canadian based exchange was a fully licensed MSB in Canada and has posted the following message to the homepage of the website:

Vault of Satoshi will be closing on February 5th, 2015. Although new deposits will no longer be accepted, rest assured, you will have plenty of time to finalize any trades and withdraw any outstanding funds with all of the convenience and expeditiousness that you’re used to. Please ensure that all of your withdrawal requests are submitted by February 5th.

We expect there will be some speculation as to why the Vault is going to be sealed forever, and we’d like to reassure the community that it has absolutely nothing to do with insolvency, stolen funds, or any other unfortunate scenario. To this day we are proud to have run the first full proof-of-reserve exchange in the industry, with strict compliance and security regimes. Our decision stems from opportunities presented by a new business that has forced us to reexamine our priorities.

Our founders and team of developers began work on a new, non-cryptocurrency project about 6 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. We feel splitting our focus would be a disservice to the customers of Vault, so although our competitors may lack some of the features, currencies, and innovations that Vault brought to the Canadian market, they will serve you well for your basic exchange needs.

We are still true-believers, and think Satoshi Nakamoto has set in course something that will change the world for the better. Thank you loyal Vault customers for joining us on one of the most exciting adventures of our time! 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.

Sincerely,
The Vault of Satoshi Team

This is another blow to many in the community this afternoon after confirmations began pouring in regarding Bitstamp and a compromise of the hot wallet used by the exchange.

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Coin Fire is a cryptocurrency news site started on June 6th of 2014. The site focused on hard-hitting investigative stories. Coin Fire was acquired by 99Bitcoins on October 2015.

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