Bitcoin Forum

All,

There appears to be more of us active in Japan.   Seeing that we are supposed to be in a good position for withdrawals.   I thought it might be a good idea to separate our experiences from the main long winded thread.

I've chosen to self moderate this thread as I'd like to keep it clean and on topic.   No need to discuss the ojisan on the train this morning, or the issues your having with the JP MIL.

Given the worrying queue that appears to be growing, I'll start it off.

I have a withdrawal from early Jan that I've not received.   If this thread works out well to give us insight into the current queue, it might also work well for future so we can see how long our withdrawals are taking in general for planning our arbitrage activities.  

Thanks,

reserved...

I am not understanding why there is still huge price premium in Mtgox, if anyone can withdraw yen there for 2 or 3 weeks.

Ive recently been verified and now waiting for jp bank validation (its been 3 days or so). How long has this been taking in the past? please update on current jpy withdrawal times. seems like theyve been getting longer?? :-\

Since information from gox is a bit fuzzy at the moment, it would be useful to hear from JPY folks who are successfully withdrawing.  I don't really have any evidence that even the stated 15 day delay is real.  For all I know, it is fully stalled.  Knowing the contrary would be helpful, though I suppose any positive anonymous responses are just as trustworthy as what support is stating.

I just posted on the main thread; but agree a Japan specific thread is an awesome idea.  I have 3 withdrawals that have not been processed starting from 1/6 - 1/9

I just received some more info - looks like they are working on the queue and I'm sure the team is stressed:

[18:53] <nekojita> Hi, I've heard Japan domestic Yen withdrawals are backlogged and being processed in order; my withdrawal was on 1/6 and I'm wondering if orders on this date will likely be processed this week? Thanks!
[18:59] <dizko> nekojita: domestic or sepa?
[18:59] <nekojita> dizko: domestic (japanese)
[18:59] <dizko> they're somewhere between 1/5 and 1/6
[18:59] <dizko> assuming they're truely being done in order
[19:00] <dizko> i had a 1/5 processed on thursday, and 1/6 still confirmed but unprocessed

I am owed a seven figure sum and thinking of moving my residence to Japan to be able to collect it.  As you can imagine, your thread is very interesting.

Who is dizko in this chat?  

I am a Japan resident. Posted a withdrawal on the 5th of January, was in my account 9 business days later.

You can find me in the epic bitching thread saying as much.

In BTC, JPY, or USD?

i have seen a couple posts mentioning which 'day' mtgox is working on for withdrawals.

WOULD LOVE TO KNOW WHERE YOU GOT THIS INFORMATION

..

But the Gox FAQ says "same day for Japanese bank account"? ;)

..

Yeah, just making the point their FAQ is full of CRAP.

Got bank account validated (4/5 days)
Now trying a withdraw. Will update when clears

..

I had a withdrawal on 1/5 processed on 1/15, and one on 1/9 processed on 1/23.  The amounts were pretty small for each withdrawal though.  What is the largest withdrawal someone has made through mtgox?  I am a little worried whether it is safe to push larger amounts through if the delay is going to take this long.

Good question, because whether BTC or fiat, there seems to be a theme running at Gox of processing small amounts much quicker than large amounts. Interesting to hear the replies ...

.

Could we (Gox traders in JPY withdrawing to domestic Banks) just post our own withdrawals and their progress on a group editable simple spread sheet (maybe google doc) post a link to it here on this thread so others can add to it to keep track of general withdrawal times everyone can check?

Look at the top of this page:

http://thegoxreport.com/

Yeah something like this, is there a way for people to add to the data? i was thinking something that anyone could add to and maybe with a bit more information on.

I just did my first withdrawal to my Japanese domestic account on Jan 30th and then did another one on Feb 1st. I'll keep you posted on progress.

You mean have status "processed" or actually receive funds? Because status "processed" means nothing. I had a fiat marked as "processed" in November and nothing ever turned up. Can you clarify? thanks.

..

Guys tell me what to do if I do not return my coins? Can I come from Kazakhstan and submit them to court in Japan?

That's the only option if you can't get your coins out. But I would suggest keep trying to get your coins out, gradually if not all in one big lump. A court case is going to be very costly, and the chances are the owner will have disappeared with all the money / coins before any court case happens.

..

Good news. I initiated withdrawal last night and am on "confirmed". Will update when it gets to "processed".

..

Don't know if this will be of interest to anyone on here but this was what a friend was sent this morning:

"Dear xxxx,

We are pleased to announce that you are now able to enjoy our new and improved Japanese Domestic Transfer method to fund your MtGox account.

Starting from today onward please use the following banking information to start funding your account.

If you lost this email do not worry as this information is also available on the Funding option > Add Funds > Japanese Domestic transfer tab

Bank Name: Xxxxxx
Branch Name: Xxxxxx
Account number: Xxxxxx
Recipient Name: xxxxxxx

If you have already sent money to the original JapanNet Bank account, your money will arrive soon as long as you included your MtGox account number (Xxxxxxx) in the applicant name field.

If the funds you sent have not been credited to your MtGox account within 2 business days please do not hesitate to contact us via our support page.

Please note however that from now onward it is no longer necessary to include your MtGox account number in the applicant name field.

We hope that these changes improve your experience of using MtGox in Japan.


MtGox Team"

..

..

Those of you in Japan should contact the Japan Financial Services Agency (http://www.fsa.go.jp/en/).

Day 10 and still no deposit to my Japanese account. Gox is looking very shaky the last few days, I will feel a lot more relaxed when funds finally show up.

10 days or 10 business days? no one has been getting 10 regular days anyway, so there is no point in worrying. if you look around, you'll see that people further down the line have waited three weeks (15 business days).

thats not to say the whole house of cards doesnt go down anyway. it looks like they have bigger problems than jpy withdrawals being slow.

Just wondering if anyone is receiving Yen flowing out of Gox. With their recent troubles I'm curious if they are going to start delaying even more or shutting down withdrawals via Yen altogether.

..

I'm waiting a JPY withdrawal on my JapaNet bank account from January 28th. Still in confirmed status..
Other updates?

I have requested 2 withdrawals: one on 21JAN the other on 22JAN.
It has been 3 weeks since the first withdrawal. They are still stuck to "confirmed".
I am not using JNB.
The estimates that I saw on another thread were 25days for non JNB, 8days for JNB.
I am not sure if these estimates are still accurate.
However it appears it is very erratic.
The recent problems should not help either....

i can confirm that 8 days for JNB is not true anymore! i'm waiting since 15 days already.. wtf

..

In the FAQ it says: "* Withdrawals
Situation as of 10th February 2014: We are currently processing withdrawals requested 4 weeks ago. (14 January 2014)"

It seems it s taking 4 weeks now.

"dizko   1/17   NOT PROCESSED   TBD" should be processed today if the delay has not worsened

Been waiting on 500,000 JPY since 1/27 ...  :-\

me too since 1/28  :-[
let me know when they process your withdrawal, i hope ASAP

mine was 8 days, when i was ahead of the queue. i also have one for the 27th. lol obviously everyone is up to the same business.

wondering if i shouldnt just cancel now, and buy into more btc in all the confusion

Mine are 1/17 and 1/18. Post bank. 200000yen.
Haven't poccessed at this time. Still "confirmed".
WTF!!GOX!!!

can dizko update us?  -->"dizko   1/17   NOT PROCESSED   TBD"

..

ok...

 :( [Suspicious link removed]j.com/japanrealtime/2014/02/14/bitcoin-protester-confronts-mt-gox-executive/  :-\

Cancelled all my withdraws, put it back into my trading account and bought coins... lets see who gets out of first.

i'm really thinking to do the same... i don't know, i have my withdraw in queue since January 28th now...
really hard decision! ???

They are processing Jan 17th atm... I think it's going to be at least another week to 10 days before you are processed... probably longer because they are busy implementing the withdraw fix.

i think that fiat withdrawal is more secure then btc withdrawal, i'm worried they could lose my btc, or i'll never get them back...

how can you cancel a withdrawal?
please let me know.

Just go into your history and copy the transaction you want to cancel, then paste it in to a ticket saying that you want to cancel the withdrawal. I did this with three seperate withdrawals and in each time the funds were back in my trading account within 6-8 hours.

cool. I ll give it a try.
but have you done that very recently?
I m wondering if the support can react that rapidly...
I mean they take a few days (a week) to answer tickets about cash withdrawal request. Are they that fast for cancel request?

The whole purpose of Gox is to keep your fiat on their exchange... judging from my experience and what I've heard from other, withdrawal cancelation requests are top on their list and will be dealt with in a timely manner ;)

makes sense. tks

Ok guys, i cancelled my fiat withdrawal. Now i have my BTC on MTGox, i hope they solve the problem as soon as possible, for our interests and those of Bitcoin community

Dear Mt. Gox Customers,
In order to implement our solution to the “transaction malleability” issue being faced by bitcoin exchanges and businesses, we are going to have a 6-hour downtime on all bitcoin deposits and internal bitcoin transfers in addition to the current pause on bitcoin withdrawals. Trading will otherwise still be open as usual.
Maintenance Schedule (approximate):
6pm ~ 12am JST (February 15th)
The above downtime period is approximate: it may be shortened or lengthened as required. Once the implementation is complete customers will again be able to deposit bitcoin, but we will be doing extensive testing before bitcoin withdrawals are reactivated. We will publish an update on the situation on Monday .
BlockChain.info have implemented changes to address the malleability issue. Our solution should work in the short term, while a longer-term solution is being discussed with the Bitcoin Core Dev team and the Bitcoin Foundation. We are also discussing this with other exchanges and businesses.
Thank you for your support during the maintenance, and we will update you on the progress shortly.
Best regards,
MtGox Team

really???? I have applied to cancel my withdrawal since last week(in Japanese) but still have no answer!!!!  WHY!!!!!!

I don't think they have so many Japanese staff, better to do it in English I think.

May work due to nature.

Good news guys! i have requested withdraw 1/24 and finally my status have changed to processed today!

which bank? my post bank's 1/17 withdrawal were still "confirmed".





Thank you. I have sent English tickets~

I used Japan net bank

OK. thank you. hope can get my money processed from post bank and UFJ quickly.

i had 2 JPY withdrawal requests made on 21 and 22FEB14, stuck to "confirmed".

I canceled the second one. The support answered me within hours.
I bought cheap coins.
I guess mtgox will renable btc withdrawals very soon.

I am using Shinsei Bank.

It seems that JNB is much quicker but still takes time.

I know someone that withdrew something like 800,000 jpy at the end of feb. He got the money in 4days, he says.

It s weird. It s erratic. JNB withdrawals do not take the same amount of time, depending on the customer.
It does not seem to be linked to the amount, either because 800,000jpy is relatively a big amount of money.

the only pattern it seems is that jnb takes less time.

I don t think mtgox is insolvent.

can you be insolvent with that -https://i.imgur.com/jt3lHXH.png- ?

so why the huge delays?

i believe it s linked to acute organizational incompetence coupled with regulatory pressure like limits on withdrawal amounts.

"the good news "　maybe true. because I saw these information at Japanese forum. http://hayabusa3.2ch.net/test/read.cgi/livemarket2/1392437245/
because these guys use japan net bank.
In my case, I used japan post bank and UFJ so my withdrawal on1/17, 1/18, 1/20 were still "confirmed". and also I see someone used UFJ withdrawal on 1/23 was still "confirmed" too.
but as you said, maybe all of them were small amount or maybe that brand new account was the staff from MTGOX.

I got 99,948 JPY on Feb. 14th. , which I asked to withdraw on Jan. 14th.
A bank I use is Japan Net Bank.

And other request status changed to "processed".

thanks for telling us!

i have one for the 27th so maybe itll go through on friday :P

I used JNB and the withdraw on 1/15 had been processed since last Friday,but.......the money have not showed up on my account yet,today is Monday,it should arrive but not..I email the support agent but still waiting for the reply.

MtGox is finally dead or its the time to buy Bitcoin in GOX?
whoever has account and tons of Dollor in GOX that man is going to be either gaining or loosing a lot.
Any Ideas?

if you don t get by tmr there is a problem...

https://www.mtgox.com/img/pdf/20140217-Announcement.pdf

hope you guys bought some chip coins like i did!!!  ;)

i did.

fiat jpy withdrawal submitted on jan 27th just went through this afternoon.

thats 14 business days. 6 day increase from one on jan 6 that was 8 business days.

which bank?

JNB, of course! :P

and LOL. so you can probably guess why i, after finally receiving the money, sent a certain amount BACK to gox :P

IT WAS INSTANTANEOUS. literally. i clicked the mt gox tab after sending from jnb... INSTANT. ROFL

fsckin gawks

I see. Shinsei is taking too much time.
JNB has better ties with mtgox.
Shinsei must be putting some restrictions in a way.

What do u mean you clicked on mtgox tab after sending from jnb?

in my browser.

japan
net
bank
desu

oh right.

instantaneous...you mean a few mn to load your mtgox jpy account from a jnb send click?

few minutes?

no, im not joking, under the one second it took to move from the jnb tab to the mtgox tab. it happened instantly.

wish the reverse would be so kind.

from jan 6 to the 27th, withdrawal time increased by 6 business days. 14 business days is, as far as i can tell from other posts, probably the the backlog. i imagine my withdrawal on the 6th was simply lucky enough to get in before many others. there was probably 14 business days of backlog by the morning of the 7th.

since it seems this thread doesnt have any trolls atm, just curious, how do you guys feel about gawks? i see mark as an insecure nerd but i really dont see a fat frenchman who drinks "coffee desserts" as liable to run off with money, and there is no way in hell they are insolvent. why is it the price is getting close to 1/3 of the other exchanges? isnt it a little overkill?

I am not a resident of Japan, I live in Canada but I see any delay in domestic (within Japan) JPY withdrawals as a very serious negative indication of the creditworthiness of MTGox.

you should always know where the sucker sits at the table or else it might be you ;)

simple reasoning: the person who sells you goxcoins for 30 % of outside worth, would only do so, if she knows

already  that there won´t be unhindered withdrawls on Thursday and is apparently not able to sell them on account

at bitstamp herself but can take out the balance at gox immediatly.....no desesperation smelled?

selling any commodity in this quantities under the market price is driving any entity on earth in bankrupcy.....

or its an outreight heist ---- no way that you found paradise at Gox ! ;)

I agree with you, but the plausible theory for this is that because USD wires are blocked and euro ones are glacial, then the main flow of fiat out of gox recently is via yen. This presents a problem as gox may not have enough incoming yen deposits and would need to convert USD or euro holdings into yen. They are stuck on that, hence the yen withdrawals are drying up too.

My 500,000 JPY from 1/27 is still stuck at "Confirmed" as of right now...

But this is exactly what they do, isn't it? -- charge a 5% premium to convert. So why would this be an issue?

Isn't the 5% fee for an "faster" withdrawal? And these are delayed too. What I am thinking is that gox has delays with its bank(s) in just converting currency for its own purposes.

i see. impressive.
i cancelled all my shinsei withdrawals.
It seems that besides jnb it s taking too long everywhere else.
I know someone else that got his money today in the bank after requesting a withdrawal on the 27th of january via jnb.

I don t think they are insolvent either.
I think it s a combination of regulatory pressure and incompetence.
If they were insolvent why would they keep on making the withdrawals for jnb account holders only?
If they were insolvent there will be some sort of ponzi scheme in which they would serve customers in the chronological order, which is not something it appears they are doing unless they can only deal with jnb now.

But it seems the 17th withdrawal passed today: dizko   1/17   PROCESSED   2/17 in http://thegoxreport.com/.
This one is probably not a jnb account, is it?

I suspect that the Japanese financial authorities have started putting pressure on them to explain the jpy delays.

thanks for not being a troll! most people dont know that there is a difference between a jnb acct and non-jnb, or why the difference is important. most of the doomsayers of gox dont live in japan, which is why i still have faith in my own estimation of the situation. americans tend to believe that any country which is not america has the safety of ariel castro's basement. the fact is, banks in japan are so bureaucratized that a company like mtgox, trying to blow through millions of USD worth of withdrawals every day, hits every obligatory red flag the poor nips have. and in japan, even if its perfectly obvious there actually isnt a problem(though i rather imagine they feel there is!), one must still file the paperwork about such and such unusual transfer (their name isnt even in kanji!), wait for the boss to sign off on it when he comes in tomorrow afternoon, etc.


i imagine there is some kind of regulatory pressure, but entirely on the KYC/AML side of things, and likely only in conjunction with american pressure. the unsurprising BoJ response to bitcoin regulation was "wait and see what everyone else does". forex is still underdeveloped here, hell, im filing my taxes, and forex goes under 'other' in capital gains. japan is slow to change laws or change anything at all. i highly doubt anyone gives a shit about the withdrawals. and these foreigners coming here with crappy signs to protest? they arent accomplishing anything, except to make headlines on coindesk. none of those guys can tell a cop why he is there and what the HELL MtGox is. And when was the last time you bothered to report something, anything, to a Japanese cop?

anyway, not to get on the hate-on-japan rant too much. if you live here, you get it, everyone else thinks mark karpeles is an algerian pirate.

also, ive heard there are also limits placed on how often you can withdraw; i only withdraw in bulk so i havent tested it myself but i see a lot of people complaining that their four withdrawals arent going through... you should just send one. i dont know if this is true of jnb accts or not, but certainly this has been an issue mentioned before.

it surprises me, really. i feel like most people didnt do their homework before throwing in their life savings into this thing. now there are problems and they FUD all over the place. granted i dont like the waiting either, but when i submitted my last withdrawal, i didnt even open a support request. why bother? we all know its going to take weeks. i wasnt even stressed til the market went haywire and i was then wishing i had the money BACK in gox for the selloff.

one last thing... while we should expect BTC transfers to come back online, i hope you arent expecting withdrawal times to improve more than marginally. mark is not helen of troy, his pasty face will not launch ships, NOTHING is going to change in japanese banks, or the legal/regulatory system, not until america tells them what to do first and then only after a lot of paper-shuffling. what WILL change, is maaaany people will be burned by this experience enough to stay out, and withdrawal requests will subside as mtgox loses business to exchanges with more qualified staff. mtgox's place in the bitcoin world is one of a small exchange for the japanese and occasional weirdo.

also, i loved magic the gathering as a kid. i wonder if mark still plays...

I wonder if Mark still pays ?

but lets stop beating a dead horse....yen withdrawls are tickling down to 6 weeks from here and then stop all

together......something always must be given to the cronies and laywers ;)

I agree that there is a lot of FUD generated by their acute organizational incompetence.
I heard that they have good relationships with the Japanese authorities.
Bitcoin is getting momentum and exposure in Japan recently.
I think one of the way for them to get back on track would be to focus on the Japanese market but they would need to hire Japanese staff instead of opening a bitcoin cafe.
It seems that they will enable LTC trading soon.
So they have plans for the near future.

It seems that SEPA withdrawals are still working even with a high amount of euros.
I suppose it is the same for JPY.
I just need now a much quicker way to withdraw cash from selling my bitcoins.
MtGOX used to be quick for JPY...months ago.

Maybe with a drastic decrease of the overseas customers, we would see a huge decrease of the time required to process withdrawals.
I am not sure about that though.

What I am confident about though, is that they will renable btc withdrawals very soon, hopefully this week, with some daily limits though.
And I agree that using mtgox from overseas makes the whole process (buying, selling, withdrawing) biased.

Hmm,

All unprocessed withdrawals are now deleted from thegoxreport.

 

they probably cancelled their withdrawals to buy cheap coins...

Nice to see a level-headed thread here.

I haven't withdrawn from gox in a couple of months, but when I did in the past (to MTUFJ) they took 2 or 3 working days from my request to the cash being in my account. Relavively small amounts both times though, approx 100k yen.

Thx for the info about JNB btw, time to dust off that account I think. But first it might just be worth sending them 10,000 yen so I can buy 1BTC, at the current rate I think it's a reasonable gamble & could pay 6 to 1. So saying, I could also lose that 10k but it is only 10k after all.

Is anybody else here depositing money at this point to scoop up cheap Gox coins?

So tempting but I feel I'm already gambling too much...

I put in jpy15,000 today. Very risky I know but it's what I might go thru in a weekend anyway so for me at least it's worth the risk. If I lose it then I'll just stay home one weekend to make it up :)

Since that change earlier this month I think they're all lightning quick aren't they?  I got notification email as I walked out of my bank! lol. MTUFJ.

which change?

So you can deposit money to mtgox via Citibank and MTUFJ very quickly also?
I thought citibank did not let you do so.

I learned that Shinsei bank blocks now deposit to mtgox, tibanne, and bitstamp from the 12th of Feb.
But they let you withdraw from them.

Really?  I didn't hear about that block. Kind of worrying.
They changed the deposit account first week of Feb. Since then deposits have been instantaneously added  literally it takes seconds.

the main advantage to JNB is that its open 24hours and online... so you can do it from your armchair.

however, interesting to know other banks also doing fast deposits.

unfortunately, gox's burning of banks is quite worrisome. while my bet is that they are solvent, once btc withdrawals open back up, im getting out of there for a while. they are continuously saying "we are building new relationships with such and such bank" and that generally means other banks stopped taking their business.... not a good sign.

Hello from Europe

So what are Yen withdraw times at now ? Sepa is around 5-6 weeks but is at least working unlike the dollar.
Starting to think it might be worth a flight to Japan but then I would need a year long visa to even open a bank account or so I hear.  Still cant find a net bank that is also in English and not sure I can learn Japanese in an adequate time frame either.

Any tips not involving a time machine?

Respectfully

V4

Get someone that is Japanese to help you?

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..

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.

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?

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.

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.

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.

Hi,

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


The screenshots:

Gox:
https://i.imgur.com/7b9jdal.png

UFJ Bank:
https://i.imgur.com/LaBkKs9.png

Mizuho Bank:
https://i.imgur.com/zaj3Q09.png


I'm glad if this post helps someone.

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

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

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?

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"

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.

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  ???

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...

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.

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.

^^  +1

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

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.

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

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.