blockchain.com - new scam - holding bitcoins for 7 days

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Quote from: plr on October 17, 2020, 11:56:36 AM

I also do not know that there is an issue like this, we don't like our coins get hostage and will have to wait for days to transfer this I guess many people do not like this is part, and it's good that OP creates a discussion about this so people will be made aware of this issue.

Stop being lazy and next time buy your coins directly from P2P exchanges or even from the likes of Binance who now accept most fiat deposits and then withdraw your coins into your address. All this can be done in less than an hour.

If I may ask, what really is the benefit of buying coins from blockchain wallet if they are going to hold it hostage for 7 days?

dkbit98

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I said it before and I will say again, NEVER use any web wallets that is asking you to create account and especially if private key is generated online and you don't have full control.
I didn't use blockchain.com for years and I see no point for using it now, but maybe people are attracted with few bucks they offer with their airdrops.

plr

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Quote from: ?? on ??

Same problem here it's a real pain in the ass. On day 2 of waiting now. If I'd had known that this happens I wouldve bought from somewhere else

I also do not know that there is an issue like this, we don't like our coins get hostage and will have to wait for days to transfer this I guess many people do not like this is part, and it's good that OP creates a discussion about this so people will be made aware of this issue.

sunsilk

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Quote from: mm557788 on September 01, 2020, 10:06:20 PM

In my case it took really full 7 days. Today I was finally able to withdraw. It would be interesting to check if next purchase is also going to be holden, but I am not going to try. Support ticket without any reply.

That's nice to hear. Would you still like them to try despite the experience and inconvenience that they have brought you upon your purchase? interesting as it is but well, we don't want that to happen again which is a good decision for you.

We've learned a lesson from yours and others experience on this purchase through blockchain.com. Not only that they are buggy as a wallet, they also have this rule which is unfavorable.

Quote from: ?? on ??

Same problem here it's a real pain in the ass. On day 2 of waiting now. If I'd had known that this happens I wouldve bought from somewhere else

Just like them, wait until the 7-day rule finishes. You have no other choice but to wait it cooldown.

mm557788

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In my case it took really full 7 days. Today I was finally able to withdraw. It would be interesting to check if next purchase is also going to be holden, but I am not going to try. Support ticket without any reply.

dukemo

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I could finally get my coins out of there today!

JJ27

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Same problem happend to me and now am waiting that "7day" period to expire and it should be in this friday. Please respond how it ended up so I know what to expect. Wish you the best man! Wink

joniboini

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Quote from: dukemo on August 31, 2020, 10:08:27 AM

I previously used Coinbase but was apparently banned due to "suspicious activity" and could not revoke the ban. I buy very frequently (some days nothing, some days 5 times per day depending, usually smaller investments that I put into alt coins)

Did you use VPN? That could trigger the suspicious activity alert in most exchanges.

Buying 5 or 10 times should be fine the total numbers of buy is still below your account limit. That being said, if you use a terrible service like blockchain.com then there's another risk of being treated like this.

dukemo

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Same thing happened for me, it has previously worked fine but all of a sudden I got the transaction error which then turned into the 7-day message. Also, get this, I wrote a ticket on the 25th of August and yet not respond or whatsoever. The 7-day hold should disappear tomorrow so I guess we'll see. It'll definitely keep me from using them again, regardless of the size of purchase, it felt like shit.

I previously used Coinbase but was apparently banned due to "suspicious activity" and could not revoke the ban. I buy very frequently (some days nothing, some days 5 times per day depending, usually smaller investments that I put into alt coins)

I guess this sends off some moneylaundry-alert for some reason, probably gonna have to stick to once-a-month larger investments in the future to avoid companies holding my money hostage.

sunsilk

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Quote from: mm557788 on August 30, 2020, 01:49:59 PM

I could accept 7 day period, when they tell me before purchase..but what is happening here is too much..

1) there was no abnormal activity on my account - same IP address as always, same device as always, same credit card as always, always 2FA enabled (SMS + email), fully verified account
2) no alert of 7 day period in first 24 hours after purchase, just error "Your Bitcoin transaction failed to send."
3) support ticket is 5 days without any reply!!
4) today I am able to transfer 0.15 USD from trading wallet with message "Your available balance is 0.00001289 BTC. The remaining balance will be available to be withdrawn within 7 days." - WTF?
5) FAQ article "Why can't I withdraw my crypto?" found by sunsilk was created 3 days ago (27/08/2020 20:59) - so they were already holding money without any explaining in their FAQ

This is the worst service ever..

As someone who's also taking into consideration your complain, I'll understand your frustration and disappointment with the purchase that you made.

But it's likely that they'll just reason out that they have a published article and the rule was included to their terms before your purchase. Charge to experience, if you are about to buy bitcoin next time - choose a top exchange.

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Quote from: mersal on August 30, 2020, 06:56:44 AM

I never bought Bitcoin using blockchain wallet but I did used their swap features from ETH to BTC and few other cryptos which was almost instant and no minimum holding periods for it,but now blockchain turned into a crap and showing lot of errors like insufficient balance, unknown errors, login issues and much more.Why someone using blockchain for buying bitcoin there are lot more better options available...

Simply because blockchain web-wallet built a good reputation during a long period of time, and even after, it was easy to make swaps using shapeshift without further requirements. By lunching their exchange platforms, most of registrants are already wallet users. I can guess that most of them didn't read TOS, as they didn't also look for an alternative.

mm557788

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I could accept 7 day period, when they tell me before purchase..but what is happening here is too much..

1) there was no abnormal activity on my account - same IP address as always, same device as always, same credit card as always, always 2FA enabled (SMS + email), fully verified account
2) no alert of 7 day period in first 24 hours after purchase, just error "Your Bitcoin transaction failed to send."
3) support ticket is 5 days without any reply!!
4) today I am able to transfer 0.15 USD from trading wallet with message "Your available balance is 0.00001289 BTC. The remaining balance will be available to be withdrawn within 7 days." - WTF?
5) FAQ article "Why can't I withdraw my crypto?" found by sunsilk was created 3 days ago (27/08/2020 20:59) - so they were already holding money without any explaining in their FAQ

This is the worst service ever..

sunsilk

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Quote from: mersal on August 30, 2020, 06:56:44 AM

Quote from: sunsilk on August 30, 2020, 04:17:54 AM

~snip~

I never bought Bitcoin using blockchain wallet but I did used their swap features from ETH to BTC and few other cryptos which was almost instant and no minimum holding periods for it,but now blockchain turned into a crap and showing lot of errors like insufficient balance, unknown errors, login issues and much more.Why someone using blockchain for buying bitcoin there are lot more better options available...

They are adding many features on their platform and even altcoins. What is awkward is that, if OP bought bitcoin on their wallet through "buy and sell" feature then it has to be on the wallet and not with the trading wallet. Well, they should have consider modifying that 7-day rule.

I've found this article of theirs which also talks about the 7-day holding period.

Why can't I withdraw my crypto?

Quote from: https://support.blockchain.com/hc/en-us/articles/360048200392-Why-can-t-I-withdraw-my-crypto-

What is the 7-day holding period?
If you recently bought crypto, your purchase may be subject to a 7-day holding period. During this time, you will still be able to use your recently purchased funds to fund additional buy orders, sell orders, and Swap trades (coming soon); however, these funds will not be available to withdraw or send to your non-custodial wallet.

Why am I subjected to it?
If you purchased crypto via card or if we detect security issues or abnormal activity on your account, we may place a 7-day holding period on your recent crypto purchase for security. For credit card orders, this is done to give the funds time to clear so that we can accept more card payments and serve more customers. Rest assured, your purchase went through and your funds will be available for withdrawal as soon as the holding period is up!

Can I expedite my withdrawal?
At this time we don’t have any way for you to speed up your withdrawal or cut down on the holding period. We are always working on improving our products, so keep an eye out for future changes!

Source: https://support.blockchain.com/hc/en-us/articles/360048200392-Why-can-t-I-withdraw-my-crypto-

mersal

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Quote from: sunsilk on August 30, 2020, 04:17:54 AM

This is another reason why it's better to use another wallet or exchange if you want to purchase bitcoin. It is on their terms, the minimum holding periods section.

Quote from: http://blockchain.com/legal/terms

5.2.2 Minimum Holding Periods

When you place purchase orders in the Trading Wallet, we may impose minimum holding periods in respect of any Virtual Currency that you have purchased which may last up to a maximum of 7 days. These minimum holding periods are necessary to enable us to carry out effective fraud prevention measures and to ensure that the fiat currency leg of any given transaction has settled. After this minimum holding period elapses, you may trade your Virtual Currency in the ordinary way.

I never bought Bitcoin using blockchain wallet but I did used their swap features from ETH to BTC and few other cryptos which was almost instant and no minimum holding periods for it,but now blockchain turned into a crap and showing lot of errors like insufficient balance, unknown errors, login issues and much more.Why someone using blockchain for buying bitcoin there are lot more better options available...

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Quote from: mm557788 on August 26, 2020, 01:38:34 PM

Now I can see a message saying: Your BTC will be available to be withdrawn within 7 days.
I feel scammed...all times before it was instant so when I know this, I would never use this service. Will close my account when funds released..
And guess what about support and my ticket... 30 hours with no reply!

The reason why I did not use a web wallet at all.

I never use this web wallet because I heard a lot of issues back then. Fully open-source wallets are much better to store your bitcoin or Electrum because it has a feature of supporting the Lightning Network which is you can reduce the fees.

Good thing you have been learn from this mistake and I hope others will do.

sunsilk

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This is another reason why it's better to use another wallet or exchange if you want to purchase bitcoin. It is on their terms, the minimum holding periods section.

Quote from: http://blockchain.com/legal/terms

5.2.2 Minimum Holding Periods

When you place purchase orders in the Trading Wallet, we may impose minimum holding periods in respect of any Virtual Currency that you have purchased which may last up to a maximum of 7 days. These minimum holding periods are necessary to enable us to carry out effective fraud prevention measures and to ensure that the fiat currency leg of any given transaction has settled. After this minimum holding period elapses, you may trade your Virtual Currency in the ordinary way.

AB de Royse777

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Quote from: aioc on August 30, 2020, 01:21:16 AM

I have coins in this wallet they claimed to have thousands of users if many people will complaint with similar issues they will lose a lot of users, at present my account with them are ok but I don;t want to experience that issues I might transfer all my accounts to a better wallet probably a non custodial one.

Moving your coins to a non-custodial wallet will the best choice you will make. Hot wallets like Blockchain.com do not give you full control of your coins besides you are trusting them with your coins. Why would you do that when you are into Bitcoin?

aioc

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Quote from: bL4nkcode on August 26, 2020, 05:42:58 PM

Quote from: mm557788 on August 26, 2020, 01:38:34 PM

Now I can see a message saying: Your BTC will be available to be withdrawn within 7 days.
I feel scammed...all times before it was instant so when I know this, I would never use this service. Will close my account when funds released..
And guess what about support and my ticket... 30 hours with no reply!

For what reason they held your money for 7 days? That's too long imo just because you bought bitcoin there.

Their support and the quality of their service is worst than I thought.

I have coins in this wallet they claimed to have thousands of users if many people will complaint with similar issues they will lose a lot of users, at present my account with them are ok but I don't want to experience that issues I might transfer all my accounts to a better wallet probably a non custodial one.

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Quote from: mm557788 on August 26, 2020, 01:38:34 PM

I feel scammed...all times before it was instant so when I know this, I would never use this service. Will close my account when funds released..
And guess what about support and my ticket... 30 hours with no reply!

Good decision and Lesson learned. Blockchain.com is shit and I advise newbies to avoid such custodial wallets. They will take hostage of your money without providing any appropriate reason and you can do nothing about it.

bL4nkcode

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Quote from: mm557788 on August 26, 2020, 01:38:34 PM

Now I can see a message saying: Your BTC will be available to be withdrawn within 7 days.
I feel scammed...all times before it was instant so when I know this, I would never use this service. Will close my account when funds released..
And guess what about support and my ticket... 30 hours with no reply!

For what reason they held your money for 7 days? That's too long imo just because you bought bitcoin there.

Their support and the quality of their service is worst than I thought.

bitmover

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Quote from: mm557788 on August 26, 2020, 01:38:34 PM

Now I can see a message saying: Your BTC will be available to be withdrawn within 7 days.
I feel scammed...all times before it was instant so when I know this, I would never use this service. Will close my account when funds released..
And guess what support and my ticket. 30 hours with no reply!

You shouldn't use blockchain.com, as it is one of the worst service providers in the ecosystem. They are not scammers, but they are inneficient, unsafe, require a lot of KYC, do not respect privacy, etc...

You should look for big exchanges, like coinbase, binance, kraken, bitstamp... and once you buy the bitcoin using your credit card/bank transfer you should immediatelly withdraw the money to your wallet (It is best to use a hardware wallet, such as ledger or trezor. I highly recommend that).

mm557788

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Now I can see a message saying: Your BTC will be available to be withdrawn within 7 days.
I feel scammed...all times before it was instant so when I know this, I would never use this service. Will close my account when funds released..
And guess what about support and my ticket... 30 hours with no reply!

joniboini

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Quote from: revv on August 26, 2020, 03:32:13 AM

Having the same problem

We can't do much here. Seeing that OP no longer ask for solution, you probably need to wait a few hours/day before you are allowed to move your coins. If you still can't do that, create a ticket. Blockchain is the only one who can help (if they want to).

revv

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Having the same problem

JeromeTash

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This is something the blockchain.com support should be able to assist you with. It looks like an internal error from their system. Try submitting a request to their support using this link: https://support.blockchain.com/hc/en-us/requests/new. Select request type as Product Problems: Sending, Receiving, Settings, and Other Wallet, Lockbox, or Block Explorer Related Questions

AB de Royse777

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Quote from: o_e_l_e_o on August 25, 2020, 01:51:16 PM

The "Trading Wallet" is a custodial wallet where blockchain.com control the keys, so restoring from the passphrase will not help in this case. OP is trying to send the coins from this custodial wallet to the wallet which is backed up by his seed phrase.

Make sense and I missed it. In fact, I was not aware about it. The last time when I used blockchain.com wallet, I am sure there were no such things, of course it was long ago.

mm557788

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Thank you for replies. Transfers from trading wallets are allowed only to my own wallets from blockchain.com and there is no way to set a value of transaction fee. Please see https://1iq.cz/img/FrMQ4/4Ek4c.png

o_e_l_e_o

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Quote from: AB de Royse777 on August 25, 2020, 12:05:26 PM

There is an alternative way (not sure if they still give 12 words the passphrase). Using the passphrase you can restore the wallet using Electrum or any other client and manage your coins.

The "Trading Wallet" is a custodial wallet where blockchain.com control the keys, so restoring from the passphrase will not help in this case. OP is trying to send the coins from this custodial wallet to the wallet which is backed up by his seed phrase.

Because you are transferring between wallets, this will generate a transaction which has to be broadcast to the network. Such a transaction cannot have zero fees. You'll need to change that to pay an appropriate fee. Be aware that the mempool is pretty backlogged at the moment so if you really need to make the transaction soon then you will have to pay a significant fee, in the region of 80-100 sats/vbyte.

AB de Royse777

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Not sure what is causing the error, maybe some restriction applied there like only after x hours/days, you can move the coins if you brought using credit card. Please check their terms and conditions.

There is an alternative way (not sure if they still give 12 words the passphrase). Using the passphrase you can restore the wallet using Electrum or any other client and manage your coins.

mm557788

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4 hours ago I bought BTC on blockchain.com as always. My account is fully verified. I got BTC instantly to my BTC Trading Wallet. But when I want to send them to My Bitcoin Wallet, there is an error "Your Bitcoin transaction failed to send. Please try again."

What to do? I need to use my bitcoins asap...

https://1iq.cz/img/FrMQ4/Vj3sc.png

Topic: blockchain.com - new scam - holding bitcoins for 7 days (Read 464 times)