Vault of Satoshi is a Canadian Bitcoin company that has been making quite a few headlines as of late. Earlier this year – in January to be more precise – Vault of Satoshi announced they would shut down their Bitcoin platform in February of this year. But three months later, it seems like there are still quite a few unresolved issues.
The Closure of Vault of Satoshi
When the Vault of Satoshi owners announced the closure of their Bitcoin platform, Canadian digital currency enthusiasts were kind of left out in the cold. Even though there are multiple other Bitcoin exchanges available in Canada, Vault of Satoshi was one of the top platforms, together with CaVirtex – which also shut down this year.
And it has to be said, Vault of Satoshi had a pretty solid run despite only being in existence for a year or so. By being the first digital currency firm to be accepted by Equifax – Canada’s leading consumer credit reporting firm – Vault of Satoshi set a precedent in terms of uniting existing financial infrastructure and Bitcoin technology.
On top of that, Vault of Satoshi managed to bring in clientele from all over Canada – and beyond – leading to a weekly trading volume of over US$1m. All of that success could not prevent the closure of the platform, which was made by the site owners due to ‘other projects’ they have been working with.
Customers were given the notice to withdraw any outstanding balances as soon as possible. That being said, Vault of Satoshi would allow for withdrawals to be made for a few months after the announcement. But there was a twist, as every additional month of leaving your funds on the Vault of Satoshi platform would reduce its effective value by 25%. For those customers or investors who never managed to withdraw funds, their money is completely gone by now.
Issues With Processing Withdrawal Requests
According to information we have received, several investors have been trying to withdraw funds from Vault of Satoshi for months now, without ever seeing a dime. And as the balance decreases by 25% every month, time is of the essence to get money back to their rightful owners. But it looks like the Vault of Satoshi owners are not worried about that, at all.
“I’ve been trying to get my money back from this guy for three months. They put out statements initially saying it’s guaranteed to make your money back. They got investors to buy into it – DivCoin, a digital currency created by the VoS owners – and made statements like ‘whenever you don’t want to hold onto them you can go and sell them’ but now everything’s worthless. No one’s going to buy them.” Investor Scott Campbell told the media.
The original plan for DivCoin was to tie them to the lucrative Bitcoin market, and giving investors the chance to sell them whenever they wanted to. However, these DivCoins became worthless when Vault of Satoshi announced the closure of their platform. Then again, investing in something always carries a certain risk, and there is no such thing as a “guarantee to make your money back”.
“We’ve taken all appropriate steps for this to be resolved, but it has taken months. We’ve started to send out Bitcoin to our customers instead of Canadian currency to at least give our customers another avenue to get their money back.” – Mike Curry, Co-Founder of Vault of Satoshi told us.
This story will undoubtedly be continued over the next few weeks and months.
Source: Brantford Expositor
Images courtesy of Vault of Satoshi