Topic: Bitstamp exchange of currencies: stealing money of the deposit by employees (Read 5627 times)

@b0000bser, I know Bitstamp is infuriating and possibly fraudulent but if your net worth is 5m as you say, then just be glad that you didn't deposit a big % of your net worth into Bitstamp, for example 1m or even 2m. Then you would feel sick. A lot of people have been done dirty by Bitstamp and there is nothing much anyone can do except keep fighting. Try your best to get your money back but don't drive yourself crazy if it's not such a big % of your net worth. It will just damage you in the end from the stress.

BUT, if you are determined to get Bitstamp in order, I don't have anywhere near the resources to start any sort of legal case. If you want to bring one against them, that would be welcome from me, as I'm another victim of them.

What you replied to their CS rep on reddit is exactly true, Bitstamp is not any authority to keep anyone's funds. They can do due diligence checks but they're not the fucking police. If they really suspect soooo many people of criminal activity (bullshit excuse IMO) then they should just refund the money and report to police or whatever law enforcement bodies are appropriate.

I didn't get the memo as to when Bitstamp suddenly became Europol. Lol. This will be unironic when eventually they do get reported and raided by Europol themselves.

F**CK wish I would have know this earlier..


https://www.reddit.com/r/Bitstamp/comments/cvovme/warning_big_investors_bitstamp_can_at_will_freeze/

After 2+ months, I received a refund to the bank today. Support responded within a few hours by e-mail. If the answers were quick on their part, as it was before, everyone would feel at ease. While this market of coins is too unstable and makes people nervous. Of course the beginning of the market a few years ago was different.

That pretty much sucks. It yet again shows how financial institutions try to prevent people from entering this market by making things unnecessarily difficult for them.

That's the main problem people have to deal with here. It seems that every exchange in this market is crippled in one way or another, so it's impossible to find an exchange doing everything right. I can't speak in terms of how Bitstamp does when withdrawing EUR since I haven't withdrawn fiat in ages. I can however say that my EUR deposits (most recent one was last friday) comes through without any problems, and already have the funds ready to be put in action. I have never experienced any problems from the moment I started to use Bitstamp, which was back in early 2013. The only bit of annoyance they made me go through was them asking me to verify myself, while I was already verified. It took a few attempts to have them accept the scans due to (according to them) the resolution not being high enough, but it was solved in just a few working days.

Bitstamp!!

There are MANY highly disturbing questions raised in this thread and you are just HIDING from your paying customers like this?

Totally unacceptable behaviour.

I will NOT transfer any of my COMPLETELY LEGAL funds to my account in Bitstamp until I see some very serious effort on your part to divulge everything about your shady business practices!!

Shame on you, Bitstamp.

Yesterday I made again a 10000.-€  withdrawal. Within 20 hours the money arrived at my German bank account.

I believe european banks got the memo to get suspicious about money coming from exchange accounts.


Personally I haven't tried to withdraw fiat yet. My problem was with XRP's they blocked for an entire month, which are obviously worthless now, and they refuse to acknowledge the damages.
They even insulted me with a shitty 20 bucks coupon on fees. Yes, 20 bucks. I have given Bitstamp at least 6000eur in fees in 3 months I believe, and they wanna get rid of me with a 20 bucks coupon. Well, I've already stopped trading there, I went back to Kraken yesterday. I'd like to say I gave my money to Kraken yesterday, but apparently there were still no fees there until yesterday.
Kraken vs Bitstamp, broken engine vs broken support, though choice.. And yes I also use foreign exchanges, but I will eventually have to use one of these 2 to withdraw eur. And if Tether shit hits the fan, then I don't know which exchange will be the best option. I assume that Kraken's USD/EUR are real USD/EUR, otherwise Kraken wouldn't let people trade USDT/USD manually...
Really I don't know which exchange is the most trustful today.

Good question. I do not understand too. The money so far has not been returned referring to problems with the intermediary bank on their side and asked for new bank details that I sent them last week. My first bank did not come. No money, the last answer is from support 29/01/2018

I don’t understand why some guys have these problems with Bitstamp. I withdraw monthly about 20k € and I have the money always within 1-3 days on my bank account (the fastest withdrawal was within 6 hours).

I do not see there answers to my questions, every day I check my bank account and there's nothing there, some people are waiting since August for refunds after the termination of the account. Thanks for the link. I will write CEO in all social networking accounts that I can find. I do not like that my account is closed, I did not receive any money, I do not have any answers from the support, there are no confirmations of sending, no legitimate explanations and resolutions for freezing money have been submitted to me by anyone. It's real shit!

That's really what scares me, yes.

There is a Bitstamp guy replying on Reddit, but he has hardly stated anything useful.

And it's not just that they have fucked up because they're idiots, they are -still- fucking up.
Problems started weeks ago, they still haven't closed the door to new users TODAY. Binance, Bitfinex, how many other exchanges did close? Bitfinex only reopened with a requirement of 10k for trading. Why couldn't Bitstamp do this?
They are still letting new users in, knowing they can't handle it. They still fuck up, they have no excuse for that.


Edit: about time:
https://www.bitstamp.net/article/message-bitstamp-ceo-nejc-kodric/

 I think these are bad signals from Bitstamp, sooner or later they will collapse and will not be able to return all the money. The situation is unexpected, so many people trust Bitstamp, and now there are so many claims and reviews on the Internet and the lost money of clients. It seems they will not solve these problems, the problems last 2 months and every day there are new ones. These are bad calls. I do not see legal acts and notify on what lawful grounds the days of terminated accounts are held. Bitstamp has nothing to say, it's very strange.

Just got my EUR withdrawal from bitstamp after finally completing the stupid KYC.

Yes, that's awesome. My apologies if came over as an asshole  

I like Kraken a lot and the issues seems to be resolved. I've traded there today without any issues and it's a lot faster now (like in May '17). I still wish margin, leverage and stop orders were back though, hopefully within a month.

Neither my XRP's nor any compensation for the value they had. Which is.. pretty much 4x the current value now.

(unlike many I don't have any deposit/withdraw problem, most likely because I haven't tried to deposit/withdraw anything for quite some time [except those few thousands XRP's...])

At least we agree on something.


Kraken does provide support btw. It may (still? can't even test their "new" engine, Tradeview crashes my browser now) be the shittiest & most broken exchange, whenever I complained to Kraken, they always answered me. With useless answers, but.. they did.

Have you got your money back 

Seriously, you need to reread all my posts. First of all, I gave the possibilities what might have happened if Bitstamp is insolvent. I gave the reasons for a) being hacked/theft; b) committing fraud; c) on the technical side of finances, not having enough liquidity to pay out all withdrawals due to a and/or b. You need to learn to read that my latest theory is based on issues, got it? I'm not accusing Bitstamp of anything, I'm worried about the amount of withdrawal complaints from users all over the place and as adults, can we have an open discussion here or not? That being said, due to theory c, the current situation could be exponentially worse, which might be related to what's going on.

It's amazing how many people are cherry picking posts without taking the entire context in consideration and then base their arguments on a house of cards, just like the MSM does, it's unprofessional.

If they're having issues and cannot handle the load, they should hire more employees, especially if their profits exponentially grew and disclose their clients about issues. Communication is key, especially in a 24/7 environment where big money is at stake. They can learn a lot from Kraken. It's simple as that.

Now all the coins have fallen in price. The issue with closed accounts is not solved, for money unknown to us, money is not returned. I want to get my money immediately and do not see the legal grounds for keeping my money Bitstamp. I again hear that my money has been sent to my bank and I need to wait for an answer from Bank Bitstamp! How much longer to wait since November 23 and can not solve the peace issue.

You don't make any sense.

Let's start with the facts. Bitstamp has no leverage nor margin trading (only secretly for a happy few in beta, apparently).

So how does Bitstamp work? Pretty basic: people bring their stuff (crypto, fiat) IN, Bitstamp allows people to REASSIGN properties, like "this bitcoin has been moved from X to Y, while this amount of fiat was moved from Y to X", and that IS ALL THEY DO.

Nothing is created, only reassigned.
Again, it has no leverage and no margin, nothing is created, only properties are reassigned. Margin, leverage, tethers, yeah that's true, but that applies to Bitfinex, Kraken & some others, not Bitstamp.

It does not matter if Satoshi comes in and sells his free Bitcoins. It does not matter a single bit. Satoshi comes in, adds 1 million BTCs to Bitstamp, and manages to sell them. The FIAT that Satoshi gets, comes from another user, who came in with his FIAT, and now goes out with his BTCs. Bitstamp didn't create anything, it only reassigned some user's FIAT to Satoshi, and Satoshi's BTC's to some user.


So, IF Bitstamp is going bankrupt, it can only be 2 possibilities:
1. they don't have the BTC's they were supposed to have. How? Hacking, or shady business where Bitstamp would be selling BTCs created out of thin air. That'd be pure fraud.
2. fraud again, if they disappear with everyone's fiat.


People pay Bitstamp thousands per month, can you imagine how many millions/month they make? They are the exchange with the highest fees. They can't lose money other than by frauding. Especially right now, they make a lot of money out of this crash. It's when people aren't trading that they don't make money.
A pure exchange's model can't lose money unless, again, fraud or hacking occured.
If Bitstamp happens to have been selling BTC's that they don't own, then it's fraud, they aren't supposed to do that, it's nowhere in the model of this business, unlike what you seem to think. That's leverage & margin trading, but they don't do this.
You say that Bitstamp "swaps their own Bitcoins for fiat", *where* are they doing this? Where is Bitstamp selling "its own Bitcoins" for fiat exactly?

And I know that normal banks only have to have a reserve of a fraction of people's money. But they're open about that, it's regulated.
What do you think would happen if it was found out that Bitstamp played with people's BTC's or money & lost them? It would be FRAUD, I can't see how they'd get away with it (especially SINCE they aren't regulated). Their "reserve" is what comes in, they aren't supposed to touch it. Why would they touch it anyway? They must be making huge money the legit way, why would they do this?
I have given Bitstamp a few thousands per month, now multiply this by how many users? A few thousands, that's a lot for what's a "simple" website. You can host your website for a few bucks per month. And I've paid THOUSANDS for this simple service. It doesn't even pay for support guys, since (hence this thread) they provide zero support. They must be making A TON of money, especially for the last 3 months.

Bitstamp having been hacked, yeah that's very plausible, as it has already happened. Bitstamp running away with money, same thing, it has already happened for another exchange. That's much more plausible than your theory.


Also, the problems we have with Bitstamp are 1 month old, they can't be related to any crash. This last month has been crazy, while the BTC was stagnating very high, this has been the best month for ALTs, including all those on Bitstamp, they all rised at least 4x.