Hassan Maishera
For years, Vaultoro marketed itself as a bridge between two of the world's oldest and newest stores of value: gold and Bitcoin.
Founded in 2015, the platform attracted cryptocurrency enthusiasts with a simple proposition.
Users could deposit Bitcoin, purchase physical gold, and store it in Swiss vaults. At a time when many investors were looking for alternatives to traditional banking systems, the concept appeared innovative and trustworthy.
The company gained recognition within the cryptocurrency industry, secured investment backing, and participated in prominent startup programs. Its founders, brothers Joshua and Philip Scigala, became familiar faces in the European crypto scene.
Today, however, a growing number of customers are asking a troubling question: where are their funds?
A Growing Chorus of Complaints
Across review websites, social media platforms, and cryptocurrency forums, users are reporting remarkably similar experiences.
Many claim they can no longer access their accounts. Others say withdrawal requests have remained unresolved for months.
Several customers allege they have repeatedly completed Know Your Customer (KYC) verification procedures only to encounter additional delays.
One customer, who opened an account in 2021 after researching the company and reviewing positive coverage online, says he believed his Bitcoin had been safely converted into allocated gold stored in Switzerland.
Years later, when he attempted to access his account, he found himself locked out. After contacting customer support, he says he was instructed to complete identity verification checks. Despite complying multiple times, access to his account has still not been restored.
His experience is far from unique.
Public reviews reveal numerous allegations of customers being unable to withdraw assets, access balances, or obtain meaningful responses from support staff. Some users claim they have been waiting for resolutions for over a year.
Questions Surrounding Vaultoro's Operations
The concerns come amid significant changes within the company. Since its founding, Vaultoro has reportedly changed ownership multiple times. The original founders have publicly stated that they are no longer involved in operating the business.
The platform recently unveiled a redesigned website and rebranded its offering around tokenized precious metals and self-custody solutions. Yet some existing customers say the relaunch has done little to resolve their concerns.
Several affected users claim they still cannot log in to their accounts or access assets they deposited years ago.
The situation has fueled speculation among customers regarding the status of the underlying gold and cryptocurrency holdings.
However, no publicly available evidence has emerged proving that customer assets have been misappropriated or that the company is insolvent.
Customers believe that the scam goes right back to the Scigala brothers, Joshua, and Philip, who, since selling the company, insist they have nothing to do with Vaultoro.
Transparency Concerns
At the heart of the controversy is a lack of transparency, according to critics. Customers say they have received limited information regarding the reasons for withdrawal delays, the status of compliance reviews, or the timeline for resolving account access issues.
Some former users also question whether sufficient proof has been provided to demonstrate that customer holdings remain fully backed and accessible.
Without clear answers, uncertainty has continued to grow.
"The biggest problem is not knowing what's going on," said one affected customer. "If the assets are there, then why can't people access them? Why are so many people reporting the same problems?"
Vaultoro's early success was built largely on trust.
The company's model depended on convincing users that their digital assets could be exchanged for securely stored physical gold.
For many customers, that trust was reinforced by positive media coverage, industry recognition, and the reputations of those associated with the business.
Now, critics argue that trust is being tested by unresolved customer complaints and a perceived lack of communication.
Consumer advocates note that prolonged withdrawal delays can be especially damaging in the cryptocurrency industry, where users often have limited recourse if access to assets is interrupted.
The Need for Answers
The allegations circulating online do not, by themselves, prove wrongdoing. Account restrictions can occur for legitimate compliance, security, or regulatory reasons.
Nevertheless, the volume and consistency of complaints raise questions that many customers believe deserve public answers.
Affected users are calling on Vaultoro's management to provide greater transparency regarding customer funds, compliance procedures, withdrawal delays, and the company's current financial position.
Until those questions are addressed, uncertainty is likely to remain. For customers who entrusted Bitcoin and savings to the platform years ago, the issue is straightforward.
They simply want access to what they believe is theirs. And until that happens, the controversy surrounding Vaultoro is unlikely to disappear.
