MtGox withdrawal delays [Gathering]

[solex]

As of September, how long are withdrawals to US banks taking using ABA? I have some cash in my Gox account I want to withdraw.

They seem to be stuck back at early June withdrawl requests.

I know that English is a flexible language, but stretching "few" to mean 13 and counting is stretching it beyond exaggeration into prevarication. Clearly, ABA transfers have halted.

I've contacted MTGox support yesterday asking about the status of my bending USD wire withdraw. Here is the response I've just received:

#######################################
Thank you for contacting us regarding your withdrawal request.
Due to a change in our banking system we are currently experiencing a back-log of withdrawals that we need to process.
Our team is working hard to increase transaction speeds, but there is approximately a few-week back-log we need to overcome.
It will take a few weeks to get back to normal, and we thank you for your patience during this time.
Again, we apologize for the delay and we will contact you once your withdrawal has been processed.
#######################################

Will keep you posted!

Everyone receives the same reply, word by word, from MtGox's support.

[1714022155]

1714022155

[1714022155]

1714022155

[1714022155]

1714022155

[TimJBenham]

Five digit USD withdrawal of 13 June still not processed.

[bliljerk101]

Are SWIFT transfers better than ABA through Gox? I can do either at my bank.

[de_xt]

• EUR via SEPA is less than one week
  • smaller than 1000 EUR will get in a priority queue and used to fill the daily quota

I don't think this is currently true, as I have a small EUR withdrawal (631 eur) with confirmed status since Sep 2, more than a week ago. I would have requested a bigger one, though, if I knew it was going to take the same.

yes, one SEPA every 20 days does also count for withdrawals under 1000€
(see my and mrnejc's post)

It's my first fiat withdrawal from Gox, I have no previous withdrawals requested. So I think the 20-day limit should not count here.

[sturle]

I don't think this is currently true, as I have a small EUR withdrawal (631 eur) with confirmed status since Sep 2, more than a week ago. I would have requested a bigger one, though, if I knew it was going to take the same.

yes, one SEPA every 20 days does also count for withdrawals under 1000€
(see my and mrnejc's post)

It's my first fiat withdrawal from Gox, I have no previous withdrawals requested. So I think the 20-day limit should not count here.

Have you tried to ask support about it?  Since it is your first withdrawal, there might be a problem with your account information.  Sure it was withdrawn via SEPA?  Method should be "European (EURO)", NOT "International wire".

[bkava]

I have been unable to get anywhere with these SEPA Withdrawals, but I heard from someone today that GBP is working just fine,  can anyone else confirm this?

Thanks

GBP is not working fine, at least by international wire. I have a pending wire from July 11.

I believe some banks (like Citibank) will transmit and receive SEPA payments, even for accounts in GBP (though this incurs exchange fees)
Please ask your source and confirm whether they received an international wire or a SEPA to a GBP account at a bank that supports SEPA.

[zeta1]

• EUR via SEPA is less than one week
  • smaller than 1000 EUR will get in a priority queue and used to fill the daily quota

I don't think this is currently true, as I have a small EUR withdrawal (631 eur) with confirmed status since Sep 2, more than a week ago. I would have requested a bigger one, though, if I knew it was going to take the same.

yes, one SEPA every 20 days does also count for withdrawals under 1000€
(see my and mrnejc's post)

Good to know

It's my first fiat withdrawal from Gox, I have no previous withdrawals requested. So I think the 20-day limit should not count here.

[joesmoe2012]

     England is a SEPA country, but SEPA transfers are only in EUR. So you could trade with gox in EUR, then withdraw in EUR via SEPA and your local bank would charge you a fee for conversion upon arrival. So far as GBP/USD/AUD SWIFT transfers going out without incurring a 5% fee, they are currently non-existant.     

[bernard75]

Check the exchange rate and fees with your bank before you send it.
I heard real horror stories from the UK.

[sturle]

Hey Sturle and OhShei8e, what do you have to say about this?

http://thegenesisblock.com/warrant-for-mt-gox-wells-fargo-accounts-shows-additional-2-1m-seized/

Idiots.

Less than I expected.  Why?  And why are you calling me an idiot?

Because you ignore every fact that slaps you in the face.  

Don't tell me this came as a surprise to you?  It is completely un-dramatic and the only unknown was the sum.  I expected it to be in the same ballbark as the Verdian Credit Union seizure at 2.9 million USD.  It was a little less.  So a little lower than expected, but still in the same ballpark.  And the total is still lower than MtGox's revenue since April.  How can anyone feel slapped in the face by this?  Do you feel that way?  What did you expect the number to be?

Income since April (4 months): 8,000,000 USD
Operating costs since April: 4 * 36,000 USD = 144,000 USD
Seizure: 5,000,000 USD.

Total revenue since April: 8,000' - 5,144' = 2,856'

Almost 3 million USD profit since April, even if the seized funds are counted as lost!  Looks very healthy to me, and I assume MtGox had some profit before the end of April as well.  I would be worried if the last seizure was more than 8 million USD, but what did you expect when it was done a few days after the first?

Sorry for replying to a very old post, but this just turned up.  Looks like CoinLab stole $5,315,210.79 worth of customers deposits from MtGox.  More than DHS!  See page 21 from line 2.

There is more in there as well.

[bernard75]

This 5kk?
https://bitcointalk.org/index.php?topic=96118.msg2992976#msg2992976
Or on top of that?

[sturle]

This 5kk?
https://bitcointalk.org/index.php?topic=96118.msg2992976#msg2992976
Or on top of that?

On top of that.  CoinLab (aka Peter Vesseness – I nominated him for a scammer tag here on the forum months ago) stole even more than the DHS seized later.  Read it.

[Rampion]

This 5kk?
https://bitcointalk.org/index.php?topic=96118.msg2992976#msg2992976
Or on top of that?

On top of that.  CoinLab (aka Peter Vesseness – I nominated him for a scammer tag here on the forum months ago) stole even more than the DHS seized later.  Read it.

Wow. Wow wow wow. Good find, how is that Coinlab "converted the amount of $5,315,210.79 in MtGox customer deposits"

And the party goes on:

Defendants are informed and believe that in March and April, 2013 MtGox customers, at the
suggestion of CoinLab, deposited $12,788,701.08 into one or more CoinLab bank accounts;
CoinLab then caused the amount of such funds to be credited to such customers' MtGox
accounts but CoinLab did not transfer the actual funds into the MtGox bank account. As a
result, such customers' MtGox account reflected a higher amount of currency funds available
to such customers than were actually in the MtGox bank account. In April, 2013, and upon
the demand of MtGox, CoinLab transferred a portion of those amounts, $ 7,473,490.29, to the
MtGox bank account, leaving a balance of approximately $ 5,315,210.79 to be transferred to
the MtGox account and which is being wrongfully held by CoinLab.

I read this is VERY BAD news. "Overwhelming" the biggest bank in Japan my ass... The +$14M on Gox's order book, plus whatever is "dormant" or in the withdrawal queue, and therefore all our Gox balances..... Are backed only by thin air.

[cedivad]

You know what? This is good news.
Gox didn't eat the money.

Someway this situation will be fixed.

[N12]

This 5kk?
https://bitcointalk.org/index.php?topic=96118.msg2992976#msg2992976
Or on top of that?

On top of that.  CoinLab (aka Peter Vesseness – I nominated him for a scammer tag here on the forum months ago) stole even more than the DHS seized later.  Read it.

This man has done more damage to Bitcoin than anyone possibly could have until now, yet he is chairman to the Bitcoin Foundation. Congratulations to him.

[Rampion]

This 5kk?
https://bitcointalk.org/index.php?topic=96118.msg2992976#msg2992976
Or on top of that?

On top of that.  CoinLab (aka Peter Vesseness – I nominated him for a scammer tag here on the forum months ago) stole even more than the DHS seized later.  Read it.

This man has done more damage to Bitcoin than anyone possibly could have until now, yet he is chairman to the Bitcoin Foundation. Congratulations to him.

A chairman of the BTC foundation holding on +$5M which belong to the customers of the leading exchange, which is already under heavy legal and financial stress from regulators.

Great service to Bitcoin Mr. Vesseness. Great indeed.

[cedivad]

Ok, so maybe now we can all agree that the bitcoin foundation is a joke we should refuse?
If/when they make him go, how does that make the foundation anyway better? It looks like the italian parliament.

[sturle]

You know what? This is good news.
Gox didn't eat the money.

Someway this situation will be fixed.

If any of this is true (read from the seventh counterclaim on the end of page 39 through the twelfth which ends on page 47), Peter Vessenes stands out as the worst scammer in the history of Bitcoin.  You can forget about small the fish like Pirate.  Peter Vessenes stole the deposits.  The chairman of the Bitcoin Foundation is a thief.  CoinLab is in liquidation.  The money are in Peter Vessenes' pockets now.  No wonder he is smiling on the picture on bitcoinfoundation.org.

MtGox has had unusal high income lately due to cross-currency trades which makes a 2.5% extra fee for currency conversion.  I'm sure MtGox will cover the remaining ~2 million USD (profit from April to August deducted) eventually, and this is not what limits withdrawals.  There are currently about 14 million USD in bids in the order book.

[solex]

So does Vessenes still have an executive position at the Bitcoin Foundation? Or is he just a standard member and Matonis has taken over his role(s)?

[cedivad]

The money are in Peter Vessenes' pockets now.  No wonder he is smiling on the picture on bitcoinfoundation.org

Can he really do that?
Like stole from a company, close the company and keep the money?