CryptoXChange wait time

[Papina]

Whats the average wait time for withdrawal of funds to an Australian bank account from CryptoXChange?
Their helpdesk said it could take upto 10 business days.
I booked a withdrawal order on 6 nov, and still no funds. I have to wait till the 22nd November by my calculations.
 
Why do they need 10 business days to send funds? This seems like an extraordinarily long time to just send funds. they don't even need to visit a branch, they could just send it via whatever bank they use to my account directly.

Not real happy about this level of service so far, i'd love an explanation to the reasoning of a 10 business day wait time. even a bank check or wire transfer would clear quicker.

[1714218502]

1714218502

[repentance]

It should only take a couple of days for an electronic transfer of funds to an Australian bank account, and that's if the transfer has to be done manually, it's the first transfer to that account and it's to a different bank than their own.

There've been a lot of complaints over the last few months about unreasonable delays in withdrawals from CryptoXchange and users having trouble getting a response from them.  It's very concerning.

[Papina]

so whats my next step? AFP, ACCC? I'm owed over $1600.

Seems like these guys have run off with the money. I always knew bitcoin was a high risk venture, and I only put in what I could afford to lose, but it's never nice to be caught out by scammers who looked pretty legit to me.

This is why bitcoin will never get off the ground in any meaningful way, there just isn't any reasonable recourse to be had

[greyhawk]

so whats my next step? AFP, ACCC? I'm owed over $1600.

Seems like these guys have run off with the money. I always knew bitcoin was a high risk venture, and I only put in what I could afford to lose, but it's never nice to be caught out by scammers who looked pretty legit to me.

This is why bitcoin will never get off the ground in any meaningful way, there just isn't any reasonable recourse to be had

They have shut down. Seems to me you should contact your lawyer.

[Papina]

well ive been sent an email promising that everything will be paid back within 2 weeks. I guess I'll just have to wait a bit longer

Ticket #XXXXXXX: withdrawal of money to bank account
Your request (#XXXXXXX) has been updated. Reply to this email or follow the link below:
http://cryptoxchange.zendesk.com/tickets/XXXXXXX


Support, Nov 19 09:28 pm (EST):
Dear user,

We are processing all withdraw in the queue and you should expect your withdraw to get cleared in next 2 weeks. We apologize for the delay and thank you for your business.

Effective immediately Crypto X Change will be shutting down trading / deposits and returning all client funds.
Please do not deposit any bitcoins to your unique deposit address or do not deposit any AUD or USD via any deposit methods. All deposits made on 19th before this announcement will be honored and returned without any fees.
You can use the website to place your withdraw requests and withdraw coins.
Please send your questions or support requests to support@cryptoxchange.com .
It has been a pleasure working with the Bitcoin community and we wish Bitcoin a great future ahead.
Please follow our blog for more updates.
http://www.cryptoxchange.com/blog/

Regards,
Crypto X Change


XXX YYY, Nov 16 04:25 pm (EST):
Order Id:XXXXX

Hi there, this withdrawal still hasnt arrived in my bank account. can you confirm the status? order request was 6 Nov

XXX YYY

[repentance]

They have shut down. Seems to me you should contact your lawyer.

There's not much a lawyer can do at this point.  $1600 is small claims territory and it's under the threshold for issuing a statutory demand (which is the starting point for forcing a company into liquidation).  If they are insolvent, then any legal action against them would be stayed if the company is wound up in insolvency - only secured creditors really benefit from involving lawyers in insolvency proceedings.  

It's possible for KenseyCol to be solvent even if CryptoXchange is losing money.  It's not clear at the moment whether or not CryptoXchange is the only KenseyCol enterprise which is being shut down.

While it's definitely worth anyone owed more than $2000 considering issuing a statutory demand if CryptoXchange doesn't start returning funds as promised over the next two weeks, it's probably not worth initiating that process just yet (it has to be done just right and you need to be willing to follow through if payment isn't forthcoming - which means you need to be willing to spend the money to force the company into liquidation).

[Papina]

another concern I have is that in order to be 'verified' on cryptoXchange, I had to supply scans of license and passport information. What will CryptoXchange do with this information even IF they pay back everyone?

I notice that CryptoXChange are very quiet on these boards, but I know they are reading, and they should be addressing these concerns

[augustocroppo]

another concern I have is that in order to be 'verified' on cryptoXchange, I had to supply scans of license and passport information. What will CryptoXchange do with this information even IF they pay back everyone?

I notice that CryptoXChange are very quiet on these boards, but I know they are reading, and they should be addressing these concerns

http://www.cryptoxchange.com/t/TermsAndCondition

However, you are granting us and our agents permission to use your submissions in connection with the operation of this web site and its other businesses, including but not limited to: the right to copy, distribute, transmit, publicly display, reproduce and edit your submission all without payment of compensation to you or any other person or business or entity of any time for any such usage.

[repentance]

another concern I have is that in order to be 'verified' on cryptoXchange, I had to supply scans of license and passport information. What will CryptoXchange do with this information even IF they pay back everyone?

I notice that CryptoXChange are very quiet on these boards, but I know they are reading, and they should be addressing these concerns

If they were maintaining AML compliance then they're legally required to keep the information for a number of years.  That doesn't mean they can use the information however they want.  Nothing on their website actually over-rides privacy laws or laws specific to financial information.

The T&C excerpt posted by augustocroppo only gives them the right to reproduce things like comments on their service or posts to a blog on their site - it has nothing whatsoever to do with how financial or personal information can be used.

[RedBill]

I am owed well over $2000 and one withdrawal request has now been 15 working days and still just showing as booked. I am not getting any replies on the help desk ticket. I will be starting some formal recovery actions in about a week.  Has anyone heard anything from them recently?

[augustocroppo]

I am owed well over $2000 and one withdrawal request has now been 15 working days and still just showing as booked. I am not getting any replies on the help desk ticket. I will be starting some formal recovery actions in about a week.  Has anyone heard anything from them recently?

You can read this thread to obtain the necessary information for a formal recovery:

https://bitcointalk.org/index.php?topic=126552.0

[RedBill]

CryptoXChange have posted on their website:

As of 19 November 2012, Crypto x Change stopped allowing trades. There have been a couple of incidents in which we are not allowed to make public which have forced us to close the exchange. We are sorry for any inconvenience, there are delays in support and processing withdrawals. It could take up to another 6 weeks before all withdrawl requests are finished. For all paper correspondence please post to pobox

Kensycol Pty Ltd
PO Box 8370
Orange NSW 2800
Australia,
Or email support@cryptoxhange.com

I will delay my recovery action since I can understand what issues they may have. I also received an email from support. So they are no longer totally quiet.

[repentance]

CryptoXChange have posted on their website:

As of 19 November 2012, Crypto x Change stopped allowing trades. There have been a couple of incidents in which we are not allowed to make public which have forced us to close the exchange. We are sorry for any inconvenience, there are delays in support and processing withdrawals. It could take up to another 6 weeks before all withdrawl requests are finished. For all paper correspondence please post to pobox

Kensycol Pty Ltd
PO Box 8370
Orange NSW 2800
Australia,
Or email support@cryptoxhange.com

I will delay my recovery action since I can understand what issues they may have. I also received an email from support. So they are no longer totally quiet.

They also contacted me last night.  I am pleased that they've provided a timeline for repayment and I'm assuming that they've taken into account the Christmas/New Year shut-down in making that estimate.  For those who aren't aware of it, a lot of businesses here will be totally closed from the end of business on 21 December until at least 2 January.  Some businesses and government departments are closed for longer or have only skeleton staff on deck on days which are not public holidays - so anything they need to do which involves other businesses or government can be affected by that.

Realistically speaking, even if people wanted to take recovery action right now instead of giving Crypto X Change the benefit of the doubt for the next 6 weeks, there is almost zero chance it would progress in any way until after the new year.  Nobody's going to have less options in 6 weeks than they have right now.

[augustocroppo]

If you are a customer with funds held by Kenseycol PTY LTD, you can immediately start to demand your funds back. It is important to produce evidence for further actions against Kenseycol PTY LTD. Any amount of money, including Bitcoin, can be reclaimed in accordance with your terms.

https://bitcointalk.org/index.php?topic=126552.msg1364595#msg1364595

[augustocroppo]

They also contacted me last night.

Who is "they"?

I am pleased that they've provided a timeline for repayment and I'm assuming that they've taken into account the Christmas/New Year shut-down in making that estimate.  For those who aren't aware of it, a lot of businesses here will be totally closed from the end of business on 21 December until at least 2 January.  Some businesses and government departments are closed for longer or have only skeleton staff on deck on days which are not public holidays - so anything they need to do which involves other businesses or government can be affected by that.

This is not a defined timeline of payment.

Realistically speaking, even if people wanted to take recovery action right now instead of giving Crypto X Change the benefit of the doubt for the next 6 weeks, there is almost zero chance it would progress in any way until after the new year.  Nobody's going to have less options in 6 weeks than they have right now.

"Zero chance" in accordance with what?

[Papina]

How were you contacted? by phone, email?

[repentance]

How were you contacted? by phone, email?

PM.

[augustocroppo]

How were you contacted? by phone, email?

Do not trust repentance words. He is not interested to help customers recover their funds. He is openly encouraging people to not take action. The lack of details in his allegation is quite suspicious. If you have funds held at Kenseycol PTY LTD, you can immediately take action. Do not wait the good will of fraudster to receive your money back.

https://bitcointalk.org/index.php?topic=126552.msg1364595#msg1364595

As soon as possible I will provide instructions to fill a statutory demand form.