MtGox wires ARE delayed - page 3. | Bitcointalksearch.org

EuroTrash

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Quote from: neuronics on June 21, 2013, 07:00:30 AM

Looking like big US players are blocking $$ transfer. We are not really surprised, aren`t we ? Hope Mt. Gox will find solutions to circumvent the hiatus. It would be interesting what Citibanks "internal guidelines" are stating.

First of all this is very helpful. Thanks for the useful information. It clears out some BS from Gox and makes us understand that the banks are playing dirty.

Second you are in Switzerland but still your transfers from Japan do not get through - which means that there are US banks involved in the Swift transfer (the ones you mentioned) and they are (likely illegally) performing a blockade.
Go sue them. Good luck Sad

neuronics

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Some information to bring more light in the dark:

During the last month I made 4 withdrawals (wire) to my account (Switzerland). Also done before without issues. All 4 amounts went through and were credited on my account as usual, about two weeks ago. Therefore I was appreciating the service provided by Mt. Gox.

Yesterday I got a phone call from my local bank, stating that they didn`t get the clearance from the correspondent banks reagarding the $$ transfer. The money went back to Mt. Gox. So these amounts could not be credited any longer and got cancelled.

It seems to be an issue of the international banks involved, below the original text from my bank, saying that the 4 amounts are returned from Citibank to JP Morgan Chase (Mt. Gox) due to internal guidelines. They are waiting for my instructions in which way Mt. Gox will send the money again.

Quote

Das von der Mt Gox Co. Ltd. Überwiesene Geld (4 Beträge USD) wurde von der Depotbank Citibank auf Grund interner Richtlinien an die JP Morgan Chase und somit an Mt Gox Co. Ltd retourniert. Bitte kontaktieren Sie die Firma ob das Geld erneut überwiesen wird....

The infos I got from Gox support:

Quote

Hello, We apologize for the inconvenience caused. Our bank is facing few issues sending the transactions to the Citibank accounts. Our bank is trying to resolve this issue and we are also working on few alternatives. The funds once cancelled will be sent back to the MT Gox account and I will keep you updated on this.

The same day, some hours later, Gox "Statement Regarding Temporary Hiatus on U.S. Dollar Withdrawals" followed. Consistent as far as only $$ transfers are affected.

Looking like big US players are blocking $$ transfer. We are not really surprised, aren`t we ? Hope Mt. Gox will find solutions to circumvent the hiatus. It would be interesting what Citibanks "internal guidelines" are stating.

Rampion

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Quote from: bitdragon on June 21, 2013, 05:35:13 AM

Quote from: ElectricMucus on June 20, 2013, 09:42:45 PM

I've read Euros can be withdrawn just fine and quickly? Is it is true how does that fit with the automated wire transfer system outage? Wouldn't they be processed by the same system?

Euros come from Poland and the delays are much worse than USD through Japanese bank.
Apparently because the daily limits are reached very quickly.
These claims of Euros coming fine are quickly are really to be taken with a grain of salt. There might be some exceptions and outliers but overall it is not an option if you value time and peace of mind.

I really don't get why you are so sure that the withdrawals coming through super quickly are the exception, and not the other way around. People tends to complain when have a problem, while tend to stay quiet when they have not.

What I know is that I've very recently requested three "big" (5 figures each) SEPA withdrawals and the money arrived to my account in max. 3 days. I don't know why I should be the exception and the 10-15 (ok, let's say 20) people complaining of delayed SEPA transfers are the norm. I'd say MtGox has many thousands of clients (+60,000? More?), and if the norm was extremely long delays for EVERYBODY requesting SEPA transfers we would be having a real shit storm of complaints.

I may be mistaken, but that's how I see it.

bitdragon

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peace

Quote from: ElectricMucus on June 20, 2013, 09:42:45 PM

I've read Euros can be withdrawn just fine and quickly? Is it is true how does that fit with the automated wire transfer system outage? Wouldn't they be processed by the same system?

Euros come from Poland and the delays are much worse than USD through Japanese bank.
Apparently because the daily limits are reached very quickly.
These claims of Euros coming fine are quickly are really to be taken with a grain of salt. There might be some exceptions and outliers but overall it is not an option if you value time and peace of mind.

bigdude

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Dolphins Finance TRUSTED FINANCE

my theory:

Dwolla accounts seized -> MtGox loses access to most of their USD -> MtGox tries to cope but runs out of USD reserves -> people start complaining that their withdrawals are taking increasing amounts of time -> MtGox issues notice, USD withdrawals suspended (ie. we have no USD and are trying to organise more via investors or bank credit)

jubalix

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Quote from: samson on June 20, 2013, 11:08:56 AM

I think I can say that this is also a lie - someone at the bank is lying to mtux if this is what was said.

exactly my thoughts

RoadTrain

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Quote from: dave111223 on June 20, 2013, 11:09:28 PM

So now the question remains do I:

1) Leave my fiat with Gox and hope they are telling the truth

2) Buy BTC and withdraw them to Bitstamp and eat a ~7% loss

Hm...

There will be no loss until you sell it cheaper. I'd just leave at mtgox the amount I can risk. And would buy & withdraw the remaining.

dave111223

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Option C) Panic buy and hold my BTC in my own wallet....

DONE

dave111223

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So now the question remains do I:

1) Leave my fiat with Gox and hope they are telling the truth

2) Buy BTC and withdraw them to Bitstamp and eat a ~7% loss

Hm...

joesmoe2012

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Ching-Chang;Ding-Dong

Tuesday wire received wednesday.

Wed, Thurs, Fri, and monday wires not yet received.

TimJBenham

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Wire requested Thursday 13/06 hasn't arrived. Looks like it's not going to for a long while yet. Cry

ElectricMucus

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Marketing manager - GO MP

I've read Euros can be withdrawn just fine and quickly? Is it is true how does that fit with the automated wire transfer system outage? Wouldn't they be processed by the same system?

ineededausername

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bitcoin hundred-aire

Quote from: smoothie on June 20, 2013, 09:29:15 PM

Quote from: jubalix on June 20, 2013, 09:26:09 PM

technical, according to the bank

ominous sounding

Which we all know is bullshit. Why would the bank stop withdrawals via wire from MTGOX's accounts yet allow deposits from US customers?

This all stinks ....not good at all.

I'm not defending either side here, but according to Mark's story, the bank did NOT stop wire transfers, its automated wire transfer system simply broke. Manual wire transfers, including from MtGox's account, are still being processed by bank personnel.

smoothie

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LEALANA Bitcoin Grim Reaper

Quote from: jubalix on June 20, 2013, 09:26:09 PM

technical, according to the bank

ominous sounding

Which we all know is bullshit. Why would the bank stop withdrawals via wire from MTGOX's accounts yet allow deposits from US customers?

This all stinks ....not good at all.

jubalix

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technical, according to the bank

ominous sounding

smoothie

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LEALANA Bitcoin Grim Reaper

Quote from: ineededausername on June 20, 2013, 08:40:51 PM

I have asked MTux some of your questions.

Code:

[20:32] [09:32:02] also, why does the technical problem take 2 weeks to resolve? <- banks
[20:32] [09:31:22] how did your volume manage to break their system? they're one of the largest banks in japan... <- their volume in terms of number of international transfers per day is not that large
[20:33] we grew to be ~50% of all the international transfers on Mizuho, causing their system load to double
[20:35] their system was already pushed to the limit
[20:35] what people don't understand is how a wire transfer system gets pushed to its limit, I guess
[20:36] is it a technical issue, or an issue of manpower?
[20:38] technical, according to the bank

He has confirmed my (our) interpretation of his earlier comments, and still says it's a technical issue.

Yet they can still obtain deposits from customers into their account?

When will it ever happen that deposits are disabled and only withdrawals can happen? ANSWER: Never

ineededausername

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Additional information, which makes the whole situation sound much better:

Code:

[20:38] is the 2 week estimate a soft or concrete estimate
[21:04] it's a worst case estimate
[21:04] we already have some wires going through again
[21:04] so the queue is slowly being processed already?
[21:05] yep, only for specific partners who can't do without it (bitpay, etc)

They are still manually sending out wires to high-priority partners, it's just the automated system that doesn't work.

joesmoe2012

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Ching-Chang;Ding-Dong

Quote from: ineededausername on June 20, 2013, 08:40:51 PM

I have asked MTux some of your questions.

Code:

[20:32] [09:32:02] also, why does the technical problem take 2 weeks to resolve? <- banks
[20:32] [09:31:22] how did your volume manage to break their system? they're one of the largest banks in japan... <- their volume in terms of number of international transfers per day is not that large
[20:33] we grew to be ~50% of all the international transfers on Mizuho, causing their system load to double
[20:35] their system was already pushed to the limit
[20:35] what people don't understand is how a wire transfer system gets pushed to its limit, I guess
[20:36] is it a technical issue, or an issue of manpower?
[20:38] technical, according to the bank

He has confirmed my (our) interpretation of his earlier comments, and still says it's a technical issue.

Thanks for sharing this, that's good to know.

Hopefully the bank is interested in working with them and that in reality the accounts haven't been closed.

ineededausername

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bitcoin hundred-aire

I have asked MTux some of your questions.

Code:

[20:32] [09:32:02] also, why does the technical problem take 2 weeks to resolve? <- banks
[20:32] [09:31:22] how did your volume manage to break their system? they're one of the largest banks in japan... <- their volume in terms of number of international transfers per day is not that large
[20:33] we grew to be ~50% of all the international transfers on Mizuho, causing their system load to double
[20:35] their system was already pushed to the limit
[20:35] what people don't understand is how a wire transfer system gets pushed to its limit, I guess
[20:36] is it a technical issue, or an issue of manpower?
[20:38] technical, according to the bank

He has confirmed my (our) interpretation of his earlier comments, and still says it's a technical issue.

joesmoe2012

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Ching-Chang;Ding-Dong

Well yesterday on their site it said that the worst case scenario would be end of next week. Today it says 2 weeks as they are "upgrading."

Now aurum's gone too...

Getting nervous.

Topic: MtGox wires ARE delayed - page 3. (Read 14537 times)