Bitcoin Forum

Something else?

I am just in shock. CAVIRTEX has been the best exchange I've ever used by far.

Extremely reliable for years straight... not exactly what most of us expect from medium size Bitcoin businesses.

I will have to try Quadriga and Cointraders. I trust the guys behind Cointraders but they have a tiny volume and very limited withdraw methods. I have no idea who the team behind Quadriga is so as of yet I obviously don't trust them.

I still can't believe that I will stop getting my super quick withdrawls to my VIRTEX debit cards (7 days a week!).

Very sad day for Canadian Bitcoiners.

I have to assume there is more to this story than they are willing/able to let on. They have a very loyal base of users who would keep using them after a data breach... especially one that didn't cost any money!

If I had to guess I would say this is somehow related to government involvement and CAVIRTEX would rather shut down than comply with what they gov is insisting they do to their customers.

No way a successful, multiple years old company would decide within 48 hours to completely fold because of a partially compromised database.

Could it have something to do with their public share offering? I didn't invest or pay much attention to that situation but from what I gather things went fairly bad and the original plan had to be drastically changed.

In fact, aren't there laws that say that corporations have to act in the best interest of their shareholders?

Obviously shutting down like this is not in their best interest. There have already been offers to purchase the company.

Since CAVIRTEX was not 100% privately held, don't the officers of the corporation have a legal responsibility to act in the best interest of the shareholders?

According to some insiders this is just a protection measure due to the fact that Canada will ban Bitcoin completly in the next 4 weeks :-[

Give me a break. What "insiders" have said this? How would CAVIRTEX have this information yet other companies don't?

We do have a terrible, autocratic government right now that rules by fiat (no pun), so I guess anything is possible. Plus CAVIRTEX did talk in front of Parliament, so perhaps a source they met there informed them.

Shit, now you have me worried.

I bet it has to do with their fucked up bitcoin IPO.  Kill the  company,  restart with new money backers and new name(s), no bitchy 'investors'.  The stated reasoning is ludicrous imo.

That's dumb. That is a dumb thing to say.

At least don't say dumb things ::)

This is the only thing I've heard that makes any sense.

Close up shop, then file for bankruptcy before the lawsuits come pouring in (http://cavirtexlawsuit.com).

and... they're back?

http://cavirtex.com

all new looking, did they sell it off?

Coinsetter has "purchased" them.

Still with the low low deposit fees  :P