Topic: MtGox withdrawal delays [Gathering] - page 337. (Read 908613 times)

I do not have any source else than that they've stopped to respond on support issues. They usually responded within 24h prior to this weekend. I can only speak for my self, of course. They might still respond to others and on other issues than withdrawals.

There was a thing like support?

And: source, please?

Anyone else thinking of legal actions? MtGox has now stopped their support as well, it seems.

https://support.mtgox.com/entries/21698449-Visualize-the-withdrowal-queue-for-your-customers

We need this feature, vote please.

I'm sure that they did in the many months prior to April. However, April/May's trading volume was exceptionally high.  Dwolla may have flagged/delayed withdraws from the account before Mt.Gox assets were seized.  Its impossible to know. 

I'm pretty sure they kept the balance in that account to the bare minimum, and in fact this is why Dwolla transfers were so slow for so long.

Still, the situation is certainly ominous.

It is impossible to know Mt.Gox's liquidity position at this moment, but there are things we know for certain:

1.) Mt.Gox's US entity, Mutum Signum had its accounts frozen.  More than likely a large portion of their USD revenue was tied up in that Dwolla account.  They may or may not get these funds back. I would expect they would have to get their Money transmitter license in all 50 states before these funds could be released.  That would take at least 12 months and $2M in fees/surety bonds(1)
2.) No one has gotten a wire out for almost a month, if they had they would have claimed the 0.75 BTC bounty.(2)
3.) Bitcoin holders are willing to take a 5-10% cut just to move their BTC out of Mt.Gox.  That's the reason why the spread is so large vs. Bitstamp.(3)(4)
4.) Legal defense is expensive.  They are fighting 2 fronts, one with Coinlab, and the other registering as an money transmitter in all 50 states.  They will lose the case against CoinLab for $75 MM.  Even if the outcome looked more positive, no bank would lend them money given the uncertainty of the outcome of the suit.(5) 
5.) Volume is at January lows, their trading revenue won't be enough to cover both legal fronts and operational costs.(5)
6.) Mt.Gox consistently releases confusing and contradictory information, so their "official" statements have no value. 
7.) Mt.Gox used to exchange liberty reserve dollars.  Any entity touching LR dollars has serious going concern.  I can assume they will have some legal issues with this as well.   

With that being said, there aren't many explanations that fit.  But even if Mt.Gox collapses, you still have rather large markets with Bitstamp, Coinbase, and Btc-e, which should be able to provide enough liquidity/volume until some US exchanges become compliant. 


(1) http://thegenesisblock.com/town-hall-discussion-with-gavin-andresen-and-patrick-murck/
(2) https://bitcointalksearch.org/topic/025-btc-bounty-show-me-a-mt-gox-usd-withdrawal-251895
(3) http://bitcoincharts.com/markets/
(4) http://thegenesisblock.com/bitcoin-mid-year-review-and-outlook/
(5) http://thegenesisblock.com/mt-gox-withdrawal-freeze-driving-significant-liquidity-concerns/

No, removed all my remaining BTC, worked without a problem.
Now I am still left with some fiat in GOX which I have to convert. Looks like there will be at least a 2% gap excl. fees - could be quite profitable for someone who believes it is possible to get fiat out of GOX. Everyone seems to do it the other way round. Actually in retrospective I am surprised their trouble didn't start earlier, at the peak in April. Were there so many pushing fresh fiat into the market? Appears so.

CampBX isn't bad.  Their site is slow as balls, but they offer withdrawal via Dwolla and the money shows up practically instantly in my Dwolla account.  (Not like Gox's Dwolla withdrawal that used to take 2-3 hours when they supported it)

It will change from status confirmed to status processed once they have actually processed it...i'm in the same boat for weeks now.

Had anyone tried to withdraw non-USD fiat with wire recently? (not SEPA)

I requested a SEPA withdrawal (which unlike USD were not on hold) around mid June, but still nothing.
I mean, it says "Status: confirmed", but no money on my bank account.

I asked for an estimate when I will get the money, or at least how many people are before me in the queue.
A guy from the customer support replied "I will keep you up to date" and I have not heard from him ever since...

I have waited more than 7weeks now.

I have also been waiting for a while (since June 8th) for my EUR SEPA transfer (less than 1000EUR). Of course, that is nothing surprising, given all the recent reports of delays.

However, another thing happened, which seemed even more shady. Since there was a warning about SEPA withdrawals taking up to 3 weeks, and I didn't frequent bitcointalk at that time, I didn't think there was any problem, before the 3 weeks were up. So, I deposited a couple dozen coins to Gox for trading. The deposit went through fine and quick, as usual. I was also able to do one trade to fiat and back, no problem. Afterwards, when I read about the global withdrawal delays, I got a bit uneasy with both my coins and my fiat sitting at Gox and decided to withdraw the coins while leaving the EUR to process. Imagine my surprise when I tried to withdraw BTC and got a message "your account is pending verification..". Needless to say, I have already been verified (Level 1, the verification page confirmed this), and have made both EUR and BTC withdrawals in the past. Also, this was for only a couple dozen coins, the Level 1 verified limit is 1000BTC per day. I waited a bit and tried again, thinking it might have been a glitch, but same result.

I created a support ticket and got a prompt response in 2 hours, saying that I need to send notarized documents sealed with an apostille for Level 2 verification. I have never been even remotely close to the Level 1 verified limits, so I responded asking to elaborate and saying that I have no need for level 2 verification and I have never requested it. After that, no response. I waited for over 24 hours until I sent another message, again explaining that I never requested level 2 verification and asking to remove the request. After a couple of hours I finally got a response apologizing, my account was level 1 verified and I could withdraw my BTC again.

It seems very suspicious that during times when many people are moving BTC out of Gox, my account suddenly stopped being verified and I was unable to withdraw BTC (I think you don't even need to be Level 1 verified to withdraw small amounts of BTC, although I could be wrong there)


TL;DR — couldn't withdraw small amounts (couple dozen) of BTC, support asked for AML Level 2 verification despite me not requesting it.


Has anything like this happened to anyone else?

Please do not overload bitstamp! It's been a happy island for a while now. 

I know we could resort to localbitcoins or WoT/OTC but I am neither a pusher* nor one of those 1337 scriptards who get a high out of bashing their python.
I am a user ffs. Clicking buttons on exchange websites makes me poop in the morning so much better than having spent my previous night finding the ultimate gpg command line.

* although personally I do not exclude a future career development in this direction.**
** disclaimer: this comment is a joke.

Just put in an international wire withdrawal from Bitstamp on Sunday, processed on Monday.  So no delays.

I also thought so like Spaceman_Spiff, but until now, in the last 3 weeks (since Mt.Gox really stopped functioning as a real exchange) I have experienced no increase in withdrawal processing with Bitstamp. My withdrawal requests are processed within 24 hours (except for a withdrawal request made on friday, which was processed on monday, which is normal, because of the weekend).

And until now at Bitstamp, when you see the status change from "Waiting to be processed" to "Processing" it is just a couple of minutes to a status change to "Finished".

And when it says "Finished" then it's (unlike Mt.Gox) just a matter of the processing time of the 2 banks, which is for my international transfers usually from 2 to 4 business days.

I actually saw a major advantage of MtGox in dealing with the fiat payments. bitcoin.de is just a market place, not an exchange. In a sense GOXes .6% are cheaper for what is on offer than the .5% from bitcoin.de. Yes, they have some safeguards in place, but still, if something goes wrong in the line of an unauthorised account use, it is yourself who has to deal with it. 
Unfortunately the whole discussion is kind of pointless as GOX is currently not providing anything near to be called service. Simply not handing their customers money back renders all their nice features useless.

I suspect bitstamp withdrawals may experience a bit of delay now, with all the people from gox coming over to them to withdraw funds...

I've now completed my transfer to Bitstamp... with the difference in exchange rates between Gox and Bitstamp over the weekend it looks like it cost me ~700USD, but in my opinion it was worth every penny. I've been trying to withdraw my funds for over a month now (need to buy a car) and quite frankly I was sick of waiting on them.

This is the angriest I've ever been at any company in my entire life. Customer service at MtGox is several steps below your local bank branch, the Walmart pharmacy, or the DMV.

Either they're having serious liquidity issues (or worse) and they're stalling, or they just don't care about their customers.

Wire from Bitstamp is still processing, but I put it in towards the end of the day on Friday, so no surprise there. (I can't wait until competition from cryptocurrencies forces banks and financial institutions to start offering service 7 days a week. )