Dear Heaps user,
As we previously informed you, the safety and security of your assets is our #1 priority. We have continued to monitor recent events involving Prime Trust, which serves as the qualified custodian for your account with Heaps. These events have included a bankruptcy filing by Banq, Inc., which is owned by Prime Trust.
To reiterate from our communication earlier this week, if your crypto assets or cash are impacted in a Prime Trust bankruptcy occurring prior to a sale to BitGo in the next two months, Heaps will reimburse any assets you have on deposit in your Heaps account as of June 13, 2023. Note that we will not backstop any market losses (i.e., if your crypto assets become less valuable in the market) or crypto purchases that occur after June 13, 2023.
Our goal is to ensure the safety of your assets while minimizing disruption to your service with Heaps, and we are proceeding with plans to integrate another qualified custodian in replacement of Prime Trust. Unfortunately, we do not believe a quick transition is feasible at this time in a way that does not disrupt or delay access to your crypto assets.
In the near term, we cannot guarantee that Prime Trust will be able to continue to provide services to Heaps and it is possible that some or all of Prime Trust’s services will become unavailable without notice to us or to you. If that occurs, your ability to buy or sell crypto or withdraw funds could be impacted. In light of these issues, we encourage you to withdraw your assets from Heaps. You may transfer your crypto to a personal wallet or another platform, or sell your crypto and withdraw cash to your bank account at any time.
In parallel, our team has been hard at work building Kigo – a new app that will expand beyond cryptocurrencies, enabling you to discover, acquire, use, and share many types of digital assets from your favorite creators, teams, and brands. We expect that Kigo will be live in the coming months with a new qualified custodian partner.
We will continue to keep you updated and please don’t hesitate to reach out with any questions by replying to this email or sending a note to email@example.com.