Topic: Don't give Bitfloor your bank routing numbers! - page 2. (Read 3974 times)
...and I liked it!
really. What a bunch of FUD.
They are (most likely) a folding business now, and have had serious past security issues, and the way they handled this latest mess was to tweet about suspending trading within a few hours of the deadline, and only sending out emails to preferential users (I never got mine and neither did a bunch of other people).
By giving Bitfloor your bank account's routing numbers, you are giving them the ability to withdraw any amount of funds they wish at any time from your bank account, or worse, cause another security incident where hackers end up with your bank details.
This whole mess could have been prevented by simply not accepting new deposits, and NOT suspending trading while allowing everyone to exchange USD to BTC so they can transfer out at ease – they could have limited the sell price to 110% of MtGox's (to prevent price gouging) and everyone (including sellers) would have been happy. Or used an opt-in option where everyone's USD funds could have been used to purchase BTC at market value on MtGox, and dispersing them accordingly. But none of that really matters...
I simply don't trust Bitfloor any more due to it all combined.
Don't put up with this shit by giving Bitfloor more of your personal and business details just so you can end your relationship with them.
Demand that Bitfloor sends you a check by mail. Your USD funds are protected by federal banking laws and regulations, they simply can't demand that bank transfers will be the only method allowed to get your funds out. If they keep your USD funds they are committing serious offenses. Checks are perfectly reasonable and are the default method at all businesses, banks, and institutions. By not allowing this option, this whole thing seems shady as fuck to me. It's quicker to print out a check then it is to verify, secure, and maintain your bank account details.
https://twitter.com/bitfloor/status/324876008719265792
By giving Bitfloor your bank account's routing numbers, you are giving them the ability to withdraw any amount of funds they wish at any time from your bank account, or worse, cause another security incident where hackers end up with your bank details.
This whole mess could have been prevented by simply not accepting new deposits, and NOT suspending trading while allowing everyone to exchange USD to BTC so they can transfer out at ease – they could have limited the sell price to 110% of MtGox's (to prevent price gouging) and everyone (including sellers) would have been happy. Or used an opt-in option where everyone's USD funds could have been used to purchase BTC at market value on MtGox, and dispersing them accordingly. But none of that really matters...
I simply don't trust Bitfloor any more due to it all combined.
Don't put up with this shit by giving Bitfloor more of your personal and business details just so you can end your relationship with them.
Demand that Bitfloor sends you a check by mail. Your USD funds are protected by federal banking laws and regulations, they simply can't demand that bank transfers will be the only method allowed to get your funds out. If they keep your USD funds they are committing serious offenses. Checks are perfectly reasonable and are the default method at all businesses, banks, and institutions. By not allowing this option, this whole thing seems shady as fuck to me. It's quicker to print out a check then it is to verify, secure, and maintain your bank account details.
https://twitter.com/bitfloor/status/324876008719265792
Quote
We will not be converting USD balances to BTC for withdraw. USD must be withdrawn via ACH. International users stay tuned for wire details.
Quote
Bitfloor, Inc. is incorporated in the state of New York and registered with FinCEN
Quote
Jump to: