MtGox International wires - now being queued instead of processed instantly

EuroTrash

hero member

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Quote from: Mad_Max on June 19, 2013, 11:27:19 AM

With BTC "cold wallet" could be a reason for delays. If they run low on online btc wallet - need some time and manual actions to trasfer btc from "cold" offline wallet to online wallet before trasfer from online wallet to you...

I find it hard to believe, with such low volume when compared to March and April, that the online wallet depleting too fast & requiring manual transfer from cold wallet is the problem.

Mad_Max

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Quote from: samson on June 19, 2013, 10:20:04 AM

There were some BTC withdrawal issues yesterday. Apparently something went wrong which disrupted the process.

I did a withdrawal for about 550 BTC and it was delayed for hours - in the end I just went out for the evening and when I returned to my computer about 8 or 9 hours later my BTC withdrawal had been processed.

With BTC "cold wallet" could be a reason for delays. If they run low on online btc wallet - need some time and manual actions to trasfer btc from "cold" offline wallet to online wallet before trasfer from online wallet to you...

Mad_Max

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Quote from: naphto on June 17, 2013, 07:53:26 AM

How is that even possible?
All money amount in mtgox accounts came from:
1) direct deposits.
2) sold btc that were bought with a direct deposit, so mtgox took a comission on that.

I think you're wrong. They can be low on btc, but not low on usd, can't they?

No. There are other options:
money from
3) sold btc, which were mined (not bought with money)
4) sold btc, which were bought on other exanges (bitstamp, BTC-E, etc .. ) and trasfered(deposited) to Gox as btc
5) sold btc, which were bought on MtGox but money diposited not by wire trasfers but other option (Okpay for example)

samson

legendary

Activity: 2097

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There were some BTC withdrawal issues yesterday. Apparently something went wrong which disrupted the process.

I did a withdrawal for about 550 BTC and it was delayed for hours - in the end I just went out for the evening and when I returned to my computer about 8 or 9 hours later my BTC withdrawal had been processed.

I have no idea where my $10k USD is at the moment though.

epetroel

sr. member

Activity: 431

Merit: 251

Quote from: EuroTrash on June 19, 2013, 09:53:38 AM

Now even BTC withdrawals are being "delayed".

I haven't noticed this. You have a source for that?

EuroTrash

hero member

Activity: 728

Merit: 500

I believe you are being owned. It's called fractional reserve. Your balance is probably trapped in Gox's own Dwolla account and the remainder is being used to pay for legal fees. Withdrawals are delayed because they pay them out with new money coming in.

Now even BTC withdrawals are being "delayed".

It's not like there was an absence of warning signs.
Hope you'll make it to the shore...

samson

legendary

Activity: 2097

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Quote from: SGExodus on June 19, 2013, 09:12:04 AM

For international wire transfer, most banks advised that it may take 2-5 business days to complete.

Although many of my international wires were completed in less than 24 hours too, they shouldn't be treated as the norm.

The wires are not being sent.

SGExodus

full member

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Merit: 100

For international wire transfer, most banks advised that it may take 2-5 business days to complete.

Although many of my international wires were completed in less than 24 hours too, they shouldn't be treated as the norm.

samson

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Quote from: szita2000 on June 19, 2013, 06:43:57 AM

Quote from: Pale Phoenix on June 18, 2013, 12:02:26 PM

This is definitely cause for concern, as generally, the only limit a bank puts on a client's ability to make payments is the balance in the account. There are some other obscure possibilities (compensating balance requirement due to loan covenants, or even some type of capital controls) but more than likely, this new "policy" is due to cash flow issues.

Or maybe they removed large amount of fiat from the business in case the US court case turning out bad.

The silence from MtGox about this issue is deafening.

I suspect that MtGox has a very serious banking issue and it's being played down for now. If the truth was known I suspect there would ba a mass exodus from MtGox.

No wires = no business.

Has their main bank account been frozen ? I see no evidence that it hasn't.

The employees / owner who are usually present in #mtgox and some other channels on IRC have pretty much disappeared since late last week when this problem started.

I'm wondering if this is a worst case senario for MtGox happening right now.

szita2000

member

Activity: 78

Merit: 10

Quote from: Pale Phoenix on June 18, 2013, 12:02:26 PM

This is definitely cause for concern, as generally, the only limit a bank puts on a client's ability to make payments is the balance in the account. There are some other obscure possibilities (compensating balance requirement due to loan covenants, or even some type of capital controls) but more than likely, this new "policy" is due to cash flow issues.

Or maybe they removed large amount of fiat from the business in case the US court case turning out bad.

EPiSKiNG

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https://bitcointalksearch.org/topic/m.2510412

Pale Phoenix

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This is definitely cause for concern, as generally, the only limit a bank puts on a client's ability to make payments is the balance in the account. There are some other obscure possibilities (compensating balance requirement due to loan covenants, or even some type of capital controls) but more than likely, this new "policy" is due to cash flow issues.

EPiSKiNG

legendary

Activity: 800

Merit: 1001

I've been using MtGox for large wire transfers for years... Every time it's taken less than 24 hours to show up in my USA bank account. I initiated a wire withdrawal before 8AM on Friday (Japan time) and would normally show the amount in my USA bank account the following day. It's been 3 business days, and still nothing.

I contacted MtGox support, and they are saying there is a delay with the bank due to wire transfer limits, and that I can expect to wait 2-5 business days.

I'm still on a chat trying to find more information...

I feel like MtGox isn't being as transparent as they used to be. If there is a major change in the timing for money flow, the customer base should be alerted.

-EP

chadqberry

newbie

Activity: 57

Merit: 0

I'm also still waiting on two swift transfers from Last Wed and Thursday. It always went very quickly before and now they say they will let me know when they are able to process the transfers. I keep asking their support WHEN they will process and they will not answer with a date. This is very concerning and their support conveniently can't speak type English well enough to make sense to me. They keep telling me they will "intimate" me when they can process the transfers.

joesmoe2012

hero member

Activity: 882

Merit: 501

Ching-Chang;Ding-Dong

Quote from: naphto on June 17, 2013, 07:53:26 AM

Quote from: BenTuras on June 17, 2013, 07:48:18 AM

Maybe MtGox is low on USD ?
Or in other words: more sellers doing USD withdrawal compared to buyers depositing USD...

How is that even possible?
All money amount in mtgox accounts came from:
1) direct deposits.
2) sold btc that were bought with a direct deposit, so mtgox took a comission on that.

I think you're wrong. They can be low on btc, but not low on usd, can't they?

Stop Trolling...

You forgot #3

3) Money the goxster lost because of asset seizures in the USA, which could potentially bring their true cash balance below what they actually owe people on their site.

You've posted like 5 times in this thread, and not one post was the least bit constructive.

Quote from: samson on June 17, 2013, 07:49:23 AM

Quote from: naphto on June 17, 2013, 07:43:41 AM

I have no idea if it's true or wrong, and why it is, but still, you should contact their support about that issue (and not a standart automated answer).

That wasn't a standard automated answer - it's what came back in the reply after some delay - it wasn't an auto reply. I did try to speak to someone from MtGox directly on IRC but nobody was there over several hours today so I contacted support who replied to me. They also said they'd update me in the future.

International wires are now being queued up instead of processed in a timely manner.

The fact that I haven't received my money confirms this to be the case.

You are indeed correct, last week the changed the way the process international wires. I can't confirm this with anybody there however I have 4 wires pending, the last 50 wires I sent all cleared in one day. So something's amiss.

For those of us with large wires that are "pending" now, this is a bit concerning.

Quote from: samson on June 17, 2013, 07:54:12 AM

Quote from: BenTuras on June 17, 2013, 07:48:18 AM

Maybe MtGox is low on USD ?
Or in other words: more sellers doing USD withdrawal compared to buyers depositing USD...

Well they said it was a bank imposed limit and I believe them - however this has serious implications.

There must have been a lot of people doing a lot of withdrawals since last week to delay an international wire for three consecutive days. Due to their very nature any limit on international wires is going to be pretty high.

It's common for businesses to send hundreds of thousands or millions of USD using SWIFT.

So far as I understand, the SWIFT payments are not limited by their bank, or at least they weren't last week.

szita2000

member

Activity: 78

Merit: 10

I requested a SWIFT withdrawal to Ireland in EUR on the 23rd of May, and my request is not even processed yet. (almost a month later) WTF???
When I asked support they told me that if I am not happy with the delay I can cancel my request...
Mt Gox is a joke !!!

samson

legendary

Activity: 2097

Merit: 1068

Quote from: BenTuras on June 17, 2013, 07:48:18 AM

Maybe MtGox is low on USD ?
Or in other words: more sellers doing USD withdrawal compared to buyers depositing USD...

Well they said it was a bank imposed limit and I believe them - however this has serious implications.

There must have been a lot of people doing a lot of withdrawals since last week to delay an international wire for three consecutive days. Due to their very nature any limit on international wires is going to be pretty high.

It's common for businesses to send hundreds of thousands or millions of USD using SWIFT.

naphto

sr. member

Activity: 392

Merit: 250

Quote from: BenTuras on June 17, 2013, 07:48:18 AM

Maybe MtGox is low on USD ?
Or in other words: more sellers doing USD withdrawal compared to buyers depositing USD...

How is that even possible?
All money amount in mtgox accounts came from:
1) direct deposits.
2) sold btc that were bought with a direct deposit, so mtgox took a comission on that.

I think you're wrong. They can be low on btc, but not low on usd, can't they?

naphto

sr. member

Activity: 392

Merit: 250

Quote from: BenTuras on June 17, 2013, 07:48:18 AM

Maybe MtGox is low on USD ?
Or in other words: more sellers doing USD withdrawal compared to buyers depositing USD...

That would be utterly surprising. And a major problem for them.
I hope ur wrong.

samson

legendary

Activity: 2097

Merit: 1068

Quote from: naphto on June 17, 2013, 07:43:41 AM

I have no idea if it's true or wrong, and why it is, but still, you should contact their support about that issue (and not a standart automated answer).

That wasn't a standard automated answer - it's what came back in the reply after some delay - it wasn't an auto reply. I did try to speak to someone from MtGox directly on IRC but nobody was there over several hours today so I contacted support who replied to me. They also said they'd update me in the future.

International wires are now being queued up instead of processed in a timely manner.

The fact that I haven't received my money confirms this to be the case.

Topic: MtGox International wires - now being queued instead of processed instantly (Read 2973 times)