Topic: Bitfinex- bank blocked all their deposits - page 9. (Read 11044 times)
Always err on the side of caution when it comes to exchanges. This might not be another Gox, but why take the risk? I'd recommend taking action sooner as you may not have the option to later. If you can't withdraw in fiat, withdraw in BTC or an alt and then transfer it to another exchange. But a small word of warning for those who aren't aware, or have only dealt with a single exchange up to this point, always withdraw to your funds to your own wallet first (preferably one where you are in direct control of the private keys). Going from one exchange directly to another exchange usually makes a mess.
People ought to withdraw their coins while they still can. It seems very unusual for all the Taiwan banks to block them.
These problems date back to Wells Fargo blocking $180 million of their funds about a week ago:
https://themerkle.com/wells-fargo-blocks-180m-in-funds-belonging-to-ifinex-and-tether-customers/
They would only do something that big if a regulator stepped in and asked them to.
These problems date back to Wells Fargo blocking $180 million of their funds about a week ago:
https://themerkle.com/wells-fargo-blocks-180m-in-funds-belonging-to-ifinex-and-tether-customers/
They would only do something that big if a regulator stepped in and asked them to.
shouldn't bitfinex have backup accounts in other countries? why put the fate of all their business in one country's account. If this is their only account, then I mus say they have failed to plan.
as soon as you start feeling the drama is over and want to take a breath in peace you'll see another drama pop up and the community starts talking about it everywhere. don't get me wrong it is good to inform but the drama part is a unique aspect of bitcoin.
i really hope the news is actually what it seems to be. the bank blocking their deposits not bitfninex doing some shady stuff and preparing a run away plan. although they could have done it much easier and with more money back when they were hacked.
i really hope the news is actually what it seems to be. the bank blocking their deposits not bitfninex doing some shady stuff and preparing a run away plan. although they could have done it much easier and with more money back when they were hacked.
This situation for bitfinex can be a threat for the bitcoin price to go down because many of the bitcoin users will see this is a bad news that can damage ng image of the bitcoin because bitfinex is one of the most well known and one of the biggest exchanger and the blocked deposits will be threat for us.
Well, price is at $1210 right now so I think we can consider the danger to bitcoin's price and it's dropping down below has been eliminated, it wouldn't damage anything other than people leaving that exchange and they no longer collecting their fees and it's not like they're blocking you from withdrawal of BTC, there are other well established exchanging services to do your business nothing to worry.
This situation for bitfinex can be a threat for the bitcoin price to go down because many of the bitcoin users will see this is a bad news that can damage ng image of the bitcoin because bitfinex is one of the most well known and one of the biggest exchanger and the blocked deposits will be threat for us.
well bitfinex was kinda screwed since the hack, but they promised a refund and they did it i remember so i was hoping for a good return like poloniex, but this decision certainly kill it for good
dunno why people still use it, there are much better alternative, if you are in euro Kraken is the best and was never hacked, otherwise coinbase, i would avoid bitstamp, which was also hacked...
i think their solution is to change their bank like bitstamp did in the past, which was in ucrania i believe, if not mistaken
dunno why people still use it, there are much better alternative, if you are in euro Kraken is the best and was never hacked, otherwise coinbase, i would avoid bitstamp, which was also hacked...
i think their solution is to change their bank like bitstamp did in the past, which was in ucrania i believe, if not mistaken
why dont major exchanges open a small bank to operate their operations with no pain.
I think that banks are involved in the decline of the exchanges.
Firstly, the exchange is having too positive view about the future and makes risky investment plans.
Secondly something very bad happens like a hack of some of the funds that leads to a some insolvency.
Then some bank comes in and offer a very good loan. Later on bank changes the rules of the loan. Those rules are impossible or close to impossible to met so the bank is freezing some of the exchanges assets.
That sittuation makes the exchange clients panic with the help of a paid trolls. Exchange then has no option but to do something radical like goxing their clients or making another loan and say how perfectly solvent they are to keep their PR white clean.
Im not a banker nor a lawyer so please don't crucify me for a possible lack of knowledge on legalities.
Firstly, the exchange is having too positive view about the future and makes risky investment plans.
Secondly something very bad happens like a hack of some of the funds that leads to a some insolvency.
Then some bank comes in and offer a very good loan. Later on bank changes the rules of the loan. Those rules are impossible or close to impossible to met so the bank is freezing some of the exchanges assets.
That sittuation makes the exchange clients panic with the help of a paid trolls. Exchange then has no option but to do something radical like goxing their clients or making another loan and say how perfectly solvent they are to keep their PR white clean.
Im not a banker nor a lawyer so please don't crucify me for a possible lack of knowledge on legalities.
Simply change your bank switch to another bank, I doubt if every single banks block their money. banks love money why would they do this? I have never seen any bank refuse your money. in crypto land you shouldn't give any exchange too much power, if we diversify between several exchanges these things would never have happened.
all the USD transfers are going through USA banks. Wells Fargo or any other intermediary bank will ban any USD wire to the bank who will accept Bitfinex... What bank will risk to lose their clients for...Bitfinex?
NONE !changing the bank is not a solution. yes, the banks are loving the money but they cannot risk their business for one client.
the major intermediary banks for USD are taking measures against money laundering and shits
Bitfinex does not have a financial license anywhere. is it not strange that a company who has a lot of money, didn't apply for a such license until now? yes, it is a lot of paperwork and expenses but these things will bring you many benefits like having a stable banking partner.
Bitfinex and others like them(who wants to be pose smarter than the licensed exchangers) will be closed down, one by one. How? Like that. The banks will ban them and this will be the end.
Simply change your bank switch to another bank, I doubt if every single banks block their money. banks love money why would they do this? I have never seen any bank refuse your money. in crypto land you shouldn't give any exchange too much power, if we diversify between several exchanges these things would never have happened.
The banks are up to their old tricks again. Bitfinex gave them an excuse to "protect the consumers" and now they are riding that piss poor excuse to block Bitfinex bank accounts. Some of these exchanges has also not followed the correct channels, when they opened bank accounts for business purposes. < Example : Luno in Nigeria >
The exchanges needs to play the game in the way that satisfy the banking system or they will give them reasons to close these bank accounts. ^grrrrrrr^
The exchanges needs to play the game in the way that satisfy the banking system or they will give them reasons to close these bank accounts. ^grrrrrrr^
Bitfinex doesn't have competent team behind and they always have some glitches and they are known to have lots of security holes. I still can't forget how they got hacked few months ago which lead to massive price crash. They must shut down their exchange and we must stay away from them.
I have already stopped using them after they got hacked.
Good move, it's hard to trust a site after the hacking incident, seems like your money is not safe with them.I have already stopped using them after they got hacked.
But what they are facing now is out of their control, it is the banking industry that pushes them to that situation.
Bitfinex doesn't have competent team behind and they always have some glitches and they are known to have lots of security holes. I still can't forget how they got hacked few months ago which lead to massive price crash. They must shut down their exchange and we must stay away from them.
I have already stopped using them after they got hacked.
I have already stopped using them after they got hacked.
not sure if this is angry posting or if you have some facts in comparison to back this up.
we all know that ALL cryptocurrency exchanges have many problems. the first of which is the risk of holding money in these places since they can run away and they are not regulated.
also they all have server problems. there are no exchanges so far that doesn't go down with a simple surge of traffic for example when price is rising fast or falling fast. they all go down! server crash!
and as for hacks, they happen. it is important to see if they were really hacked or if they run away afterwards.
for instance btc-e has been hacked at least once (I think in 2014 or 13 but not sure about time) and they are still around and have paid their users in full.
as long as there isn't a better alternative we are stuck with this type of exchange platforms and they are ALL the same.
Bitfinex doesn't have competent team behind and they always have some glitches and they are known to have lots of security holes. I still can't forget how they got hacked few months ago which lead to massive price crash. They must shut down their exchange and we must stay away from them.
I have already stopped using them after they got hacked.
I have already stopped using them after they got hacked.
Well,no surprise there is another drama with a BTC exchange,at some point or another there will always be something happening with these exchanges,that's why people need to learn to store their BTC at least in an online wallet with all security available.It's convenient having your BTC on an exchange platform but you never know when it may be the last time you actually can operate with it
just as an FYI:
MtGox was like the only bitcoin exchange by 2012-2013. it was controlling about more than 75% of daily bitcoin trade volume. when it went to hell it was like all the bitcoin community taking a hit from this since everyone who traded was on there.
bitfinex has a large daily trade volume but on average it is only a small portion of the total daily trade volume. currently (Even with the increase in their trade volume because of panic buys and panic bitcoin withdrawal) they only have 9% of total daily volume. and that is while excluding about 85 million dollar volume from total which belongs to Chinese and Japanese and other exchanges with 0 fee.
MtGox was like the only bitcoin exchange by 2012-2013. it was controlling about more than 75% of daily bitcoin trade volume. when it went to hell it was like all the bitcoin community taking a hit from this since everyone who traded was on there.
bitfinex has a large daily trade volume but on average it is only a small portion of the total daily trade volume. currently (Even with the increase in their trade volume because of panic buys and panic bitcoin withdrawal) they only have 9% of total daily volume. and that is while excluding about 85 million dollar volume from total which belongs to Chinese and Japanese and other exchanges with 0 fee.
I don't think it is fair to compare Bitfinex to Mgox, this is an exchange that just repaid $60 million, the loss it suffered from last year hack, this is what Mgox failed to manage very well. I believe the deposits issue will be resolved soon.
Don't make another Mt.Gox from something it s not Mt.Gox, yet!
Give them a bit time to resolve this, getting back after that big hack was not an easy thing to do. More panic and false accusations do not benefit them, us or the industry.
Give them a bit time to resolve this, getting back after that big hack was not an easy thing to do. More panic and false accusations do not benefit them, us or the industry.
Beginning 18th April, all incoming wires to Bitfinex will be blocked and refused by their Taiwan banks. This applies to all fiat currencies at the present time.
That means Bitfinex doesn't have bank accounts anymore. It seams their accounts are closed.
What's next? Take your money/funds out from Bitfinex as soon as possible.
https://www.cryptocoinsnews.com/op-ed-bitcoin-exchange-bitfinex-trouble/
http://www.coindesk.com/bitcoin-traders-raise-concerns-largest-us-dollar-exchange-halts-deposits/
That means Bitfinex doesn't have bank accounts anymore. It seams their accounts are closed.
What's next? Take your money/funds out from Bitfinex as soon as possible.
https://www.cryptocoinsnews.com/op-ed-bitcoin-exchange-bitfinex-trouble/
http://www.coindesk.com/bitcoin-traders-raise-concerns-largest-us-dollar-exchange-halts-deposits/
Didn't bitfinex screw up last august and made the price crash badly? Then they came up with those ridiculous BFX tokens, and now this? Those guys should have closed business. I can't believe why people still trust their money with those guys.
yes they were hacked, they came back and started working and issued these tokens and finally in April 3, 2017 they started paying their customers back https://www.bitfinex.com/posts/198 i don't have an account nor checked out the news to be able to verify how much they paid back but it was started.
and this may be a naive thinking but it seems to me like the problem comes from their banks not themselves. i hope i am not wrong.
Quote
- No U.S. banks are holding any customer funds.
- Funds are not frozen. Some payment channels are closed to us while new channels are being opened.
- Bitfinex is not insolvent. In fact, completing the BFX Token redemption process on April 3rd has paved the way for us to retain a major accounting firm to audit our balance sheet. We are in active discussions with several candidates and expect an announcement on this by the end of this month.
- To the best of our knowledge and belief, neither Bitfinex nor any of its principals are being investigated for any crime of any sort, anywhere.
- To the best of our knowledge and belief, no entity in the Bitfinex group is being singled out by correspondent banks. We understand that Bitfinex is a victim of correspondent bank de-risking, targeting money service businesses (MSBs) in general and “virtual currency” exchanges in particular.
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