Topic: MTGox Yen Withdrawal Thread. For Japan Residents. (Read 11791 times)

The more I read it, the more I'm inclined to think that the Crisis Strategy document is fake. That's not to say that they're okay or anything, just that having seen a photo of Marks office/desk, I doubt such messy people would go to the bother of putting such things in a document, laid out with their logo etc. A lot of the mainstream news articles seem to be heavily relying on this document.

No, it's over. They are now preparing to file for bankruptcy.

http://www.nytimes.com/2014/02/25/business/apparent-theft-at-mt-gox-shakes-bitcoin-world.html?_r=0

That's completely circumstantial. After such allegations it'd be natural for them to halt trading and maybe take everything offline to go say "WTF?" to the other exchanges and figure out how to communicate about the "leaked" document. If they're insolvent the move makes sense. If they're solvent the move makes sense (fits with their usual pattern of non-communication during mtumultuous times). Taking the website offline right after the allegations indicates nothing either way. It's suspicious, but MtGox is always doing suspicious things like that, for years now.

OMG ... you should buy a lottery ticket !!!! 

^^  +1

Probably best to at least wait for an official statement. It's almost 5pm in Japan (currently 3:35pm) and I would expect an announcement at 5pm, the end of the business day. Until then it's too up in the air as to what the situation really is & if they are going to try & trade out of the situation or just fold.

If some Resident could make Thread for a Group Lawsuit and talk to Lawyer for a Offer, to get clear Statement from gox, because if they are Insolvent, a few People would probably transfer their Coins to a Resident to get sueable Ammount. Few % for the Handler and the Lawyer.  but still better Chances than just waiting.

Apparently SEPA withdrawals arrived today as well.

They've processed tons of withdrawals today. If they really did lose 700K BTC I doubt they'd bother with chump change (we saw some 50$USD withdrawals), like anyone with less than a few thousand dollars would bother with legal actions...

Maybe they decided to "Make good" on those who had FIAT waiting and there will be a "bailout" at x% of BTC, or a cash offer at the current rate of 135$ per BTC?

Anyway I'm glad my money is back and safe in my account, I hope everyone else will get back their most, if not all of their money and I think I need to stay away from this whole drama for a few weeks.

I'll let my BTC sleep in cold storage and see where things are in a month or so...

Yeah I just found that myself as well actually. Strange it suddenly leaked right as they went offline, and it has spelling errors in several places as well but hard to believe everything is totally circumstantial. That document mentions an announcement today AM though and nothing via any channel. Interesting about gox.com as well, though if they really do follow through on that according to that document they will just try to trade off their losses 

The 700,000 yen figure is from this http://www.scribd.com/doc/209050732/MtGox-Situation-Crisis-Strategy-Draft

Trading was halted minutes after this was leaked. Minutes later the joint statement by Coinbase/ Blockchain/ etc was released... Then the web-page went down minutes later so I think it is safe to assume that this is indeed accurate.

there's no point doing payouts half-assed I think. As long as Japanese residents hold cash or btc at gox I can't see any benefit in paying out. They may even be breaking bankruptcy laws by "preferring" some customers over others.  Also puzzling is that the management should be criminally liable for allowing deposits whilst in full knowledge of what was happening, yet they didn't halt trading, deposits and some withdrawals.

btw that 700,000 lost btc story apparently doesn't have any source...someone just seems to have pulled that number out of thin air & claimed "insider knowledge"

OK,

The news is in... Gox lost over 700,000 coins and is likely insolvent.

People have been getting their Japanese yen withdrawals today because Japanese residents have a better chance of suing Gox within the Japanese legal system (I imagine).

But what about those of us that had our coins stuck there. Is it likely that Gox would prioritize us for compensation if we were to take legal action within Japan.

Thoughts?

Wow,
just got my 3 transactions transferred today!! Quite a big amount too!

https://i.imgur.com/bDn9oEl.jpg

Hi,

I requested 2 withdrawals of 5,000 JPY each on 2/13 and I received them today, 2/25.


The screenshots:

Gox:


UFJ Bank:


Mizuho Bank:



I'm glad if this post helps someone.

I am based out of Japan but did not know that JNB does not do international wire.
I am making up an account there now in case I need to withdraw jpy in the future, from mtgox.
Looks like mtgox will survive. I mean this is the feeling I am having now, guts feeling.
I feel they have can survive if they refocus on the Japanese market.
Their international reputation is totally tainted.
If they want to recover it they will need to change the whole team which seems unlikely because of the stubbornness of the CEO, unless the circumstances are so tough that he needs to go away.

Cryptog arent you a Japanese resident?

You can't make international withdrawals with furikomi. As far as I know, they don't even do kokusaisoukin. JNB is literally on the net, they have almost no physical branches, I don't believe they offer intl tx.


V, opening a bank account here isn't really an option. Some people will tell you its possible, but they are only technically correct and basically tooting their own horn about their knowledge of Japan. There are many obstacles to getting an account here. The easiest way is to simply be living here. I studied Japanese for 6 years... and now I can read the JNB website, but after 3 years of it in college, no, I definitely could not read that website haha. Either give up on Japan or make a bitfriend here. I'd say PM me, but none of us trusts the other, and it'd probably inconvenience me (unless you have a boatload and are willing to give me a couple hundred bucks for my inconvenience, haha).

Also, please count in business days. Here are Japanese banking holidays (weekends are also holiday). http://www.boj.or.jp/en/about/outline/holi.htm/
It makes the conversation about delays much easier once you count out the business days, I promise. As an example, my own experiences with Gox, using domestic transfer.

Jan 5- Jan 16 This was actually 8 business days. 14th was a holiday.
Jan 27- Feb 17th This is 14 business days.

Basically all transfers requested from the 6th onwards were 14 business days, mine submitted on the 5th was both earlier in the queue, and using JNB when most people didn't have a JNB account.
People count in weeks and you get all sorts of "delays". In the end, it all stacks up very reasonably.

But hell, if you are desperate, PM me if you want. I could use the little +1 below my username.

Dang it. Well looks like I might have to live with Sepa then but will still keep looking into it. I was just at my bank yesterday and its 5 weeks by sepa with clockwork 20 days between withdraws for me at least. Many thanks for replys.

Yes.
Shinsei told me that they are using Citibank as an intermediary to make the deposits.
So I am surprised to hear that some people are able to deposit money to mtgox from a citibank account.

Plus, recently according to "http://www.reddit.com/r/Bitcoin/comments/1yjzdg/chase_blocked_account_for_just_adding_online/", it seems that chase is blocking the remittances to bitstamp.

More and more external pressures on banks, including japan-based banks regarding their relationships with bitcoin related businesses.

Right now it appears that the best way to make deposits/withdrawal to/from mtgox is jnb.
Wondering if jnb works for remitting money to bitstamp.
Anyone has ever tried?

I'm sure JPY withdrawal times have changed since this whole debacle began too. No matter what currency it appears they don't have enough.

I think the only way that you could get it out would be to transfer to a Japanese resident but that would require a huge amount of trust no matter how you arranged it. Although earlier posts in this thread suggest even domestic yen withdrawals are taking around 4 weeks so there is no guarantee you'll get it much faster. Are you sure Sepa is only taking 5-6 weeks btw? I thought it was longer..