

Vault of Satoshi Is Shutting Down - mikexstudios
https://www.vaultofsatoshi.com/?shutdown

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mikexstudios
Here's the email I received:

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Important News about Vault of Satoshi - As well as a new 25% or $250.00
Inactivity Service Fee being implemented for every Currency Balance you hold
with us – Beginning March 15th, 2015.

As stated on our Website, Reddit and many CryptoCurrency news outlets, it is
with great regret that we announce the closing of Vault of Satoshi. We will be
closing 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 - any fiat (cash) funds held on or after March 15th
will be unobtainable as we will be closing our bank accounts on March 15th,
2015 and will not risk putting our staffs personal Bank Accounts at risk of
being closed for money transmission (Canada’s Banks are not CryptoCurrency
Friendly)

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.

Service Charges

It is in your best interest to remove all of your funds held with us, as soon
as possible. We will be posting this message on our website and Reddit later
today which we hope will get picked up by the appropriate new outlets.

 __It is very important __that you remove your fiat either by buying Bitcoin
(fast and easy) on our Site or, do a withdrawal request on our website for
your Cash /Fiat Balances. Fiat/Cash MUST BE WITHDRAWN BEFORE February 5th,
2015. After February 5th, customer support will be very minimal and infrequent
as well as the tellers will be concentrating their efforts on shut down. Any
customer funds left inside Vault of Satoshi (fiat/cash, crypto/bitcoin)
beginning March 15th will incur a monthly penalty on every currency balance in
your account of either

\- - $250.00 (or the equivalent value of the cryptocurrency balance)

OR

\- - %25 of the total balance of each currency you hold with us.

(We will use whichever of the two is higher).

July 31st, 2015 the servers will be turned off, the company will absorb any
balances left behind as of this date to cover any outstanding debt incurred
from holding the funds.

This Service charge is basically a 'Get your money out of our Exchange' as
soon as possible, otherwise we would have to deal with customer funds for
years to come, and we simply do not have the money or the time to do so. We
have given our users two-months to take them out without incurring penalties.
These fees will cover the operating costs of Hosting as well as the same
Systems Security staff we currently have on payroll until the servers are shut
down July 31st, 2015.

Some will view these service charges as ridiculous, irresponsible or even
vicious, however - we disagree. We have never been a 'Wallet Service' or a
'Bank' to hold your funds until the end of time - you trusted your assets with
us to trade them, and that is all.

If you signed up for this and have no idea where to put your Bitcoin, we
suggest that you visit
[https://bitcoinpaperwallet.com](https://bitcoinpaperwallet.com) and create a
paper wallet (it is really easy) and withdraw your Vault Bitcoins to the paper
wallet. If you need to withdraw your cash/Fiat balance and need a wallet, you
can visit: [http://www.instructables.com/id/Paper-
Wallet/](http://www.instructables.com/id/Paper-Wallet/)

If you signed a friend up with us, please be courteous and pass the news on to
them, and perhaps help them withdraw their funds – we don’t want to scare any
new people away from the Currency of the Future.

Sincerely,

The Vault of Satoshi Team

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