MtGox withdrawal delays [Gathering]

[fonzie]

Your BTC and your $ are most likely gone.

I agree. Sad but true. 

[atavus]

My first contribution to this board. Have been reading about Scamgox a lot, just thought to give some input now.
SEPA withdrawal 27-01-14: status confirmed, but actually nothing is happening. According to what I read here I'll have to wait at least 3 more weeks, but chances are I'll have to wait to hell freezing over.
BTC withdrawals: 2 withdrawals came through (oh wow, felt like winning the lottery), 3d. (4 days ago) is still in a wormhole, 4th. can't even get processed because of invalid BTC-address. WTF, I've used this address before, it's in their database. Another address also not working.

So first they prevent us from withdrawing cash, now it's coins also. For a couple of weeks I thought (hoped actually) that Gox was "only" facing major logistic problems, that would take some time to solve. Now I actually think a final meltdown of Gox is ahead of us.

What I do know is that at least one staff member has been let off (or he was smart enough to count his blessings and fled from the evil Gox). At this moment I am not in the position to disclose the proof of this, but I know it is the truth. On their defence I have to say that the departed staff member has been replaced. I do not know if the new one already was part of the team or that they employed someone from outside.

[NewLiberty]

Total speculation follows:

If MTGox is compromised and under coercion, they would not be able to say that they have a gun to their head.  The failure and bad service may be their final gift to the bitcoin community.  If they were operating efficiently, it would be a sweet honeypot.  By operating poorly, it is a sour honeypot.  Folks are fleeing and not so much under fire.

FBAR and FATCA compliance to follow.

[whave]

SEPA withdrawal 27-01-14: status confirmed, but actually nothing is happening. According to what I read here I'll have to wait at least 3 more weeks, but chances are I'll have to wait to hell freezing over.

Just be patient. We have yet to see a case where a SEPA was lost completely. They do take a ridiculous amount of time, because of daily limits (plus they're handling the backlog, AFAIK they're doing transactions from the beginning of January nowdays), but eventually, they do arrive.

[dudel42]

my guess is SEPA queue must be somewhere end of December now, my withdrawal from Jan 2nd is still in confirmed status. will post again when it is pending/processed (hopefully next week).

[whave]

my guess is SEPA queue must be somewhere end of December now, my withdrawal from Jan 2nd is still in confirmed status. will post again when it is pending/processed (hopefully next week).

I'll be really curious then, when they're going to reach the 2nd of Jan... Keep us updated!

[Trits]

Tried doing a taint analysis on a successful 2 days' old BTC transfer from MtGox, and found the source which is a kind of a big pool or channel of BTCs probably belonging to MtGox:
https://blockchain.info/address/1Facb8QnikfPUoo8WVFnyai3e1Hcov9y8T

Edit: Some people have spoken about 'dust' in MtGox's common BTC pool, others about how new TX are formed on previous TX's.
It seems like they have a big stock of BTC and a chaotic system with many failed transactions and few ways of isolating all the failed TX coins and pushing them through.
Hence, new failed TX continue to emergence and so on and so on.
MAYBE, they have stopped processing withdrawals ALTOGETHER, to recreate a big pool of BTC and push forward the failed TX. That would permit them to start 'the withdrawal engine' (trading works just fine) all over again in which successfull transactions will be built on top of other successful transactions (= no more failed TX).
Otherwise I cannot see why BTC withdrawal would be disabled for everyone?

[BTCtrader71]

Tried doing a taint analysis on a successful 2 days' old BTC transfer from MtGox, and found the source which is a kind of a big pool of BTCs:
https://blockchain.info/address/1Facb8QnikfPUoo8WVFnyai3e1Hcov9y8T

Are you saying that 1Facb8QnikfPUoo8WVFnyai3e1Hcov9y8T is controlled by MtGox? There are currently 3274 BTC in that address.

[tvbcof]

Total speculation follows:

If MTGox is compromised and under coercion, they would not be able to say that they have a gun to their head.

I don't even consider it speculation.  Mark has said pretty plainly that he simply lacks the ability to say almost anything about almost anything, and he's been saying it for some time.  There are a limited number of reasons why this might be the case.

The failure and bad service may be their final gift to the bitcoin community.  If they were operating efficiently, it would be a sweet honeypot.  By operating poorly, it is a sour honeypot.  Folks are fleeing and not so much under fire.

True that.  Just like Lavabit was faced with a tough choice.  Scaring customers away with shitty service is a second-best to just shutting down and trying to make everyone whole.  Of course shutting down and keeping people's money is a different story.

One way or another, anyone entering into just about any Bitcoin related business since about the start of things should have been prepared with a plan of how to deal with significant coercion from any of a number of directions.  It should have been part of any realistic business plan.  If one cannot stand the heat, one should stay out of the kitchen, and that is exactly what I did (as much as possible.)  I've no interest in either being a martyr, snitch, or tool.

FBAR and FATCA compliance to follow.

 - edit: slight.

[BTCtrader71]

I just did a test withdrawal of 0.1 BTC and I see a brand new bug in the system!

"Invalid bitcoin address, please confirm your input"

I tried this with two perfectly valid addresses, one of which I used successfully to withdraw bitcoin from MtGox in January!

[tvbcof]

I just did a test withdrawal of 0.1 BTC and I see a brand new bug in the system!

"Invalid bitcoin address, please confirm your input"

I tried this with two perfectly valid addresses, one of which I used successfully to withdraw bitcoin from MtGox in January!

Bug, or feature?  Perhaps an address-2-identity-registry feature flag was prematurely set?  Yifu Guo and the Bitcoin Foundation might know.

[aiadvisors]

My several btc withdrawals made on Jan. 26 have all been returned to my Gox account so I guess they haven't disappeared entirely. (They didn't refund the withdrawal processing fee).

The skanner.net/mtgox/ site is down pending new API's from Gox.

thegoxreport.com is also down with a notice that it too is being rebuilt awaiting new api's from Gox.

My recent btc withdrawal attempts cannot proceed as Gox appears to be blocking all addresses whether valid or not.

In sum, it appears they are stopping all transfers and trying to start from ground zero which can't be bad since everything attempted previously, failed. A new approach was necessary. However, given their apparent competence levels, I don't think I'll hold my breath awaiting positive results from this latest gambit.

[donk4u]

My several btc withdrawals made on Jan. 26 have all been returned to my Gox account so I guess they haven't disappeared entirely. (They didn't refund the withdrawal processing fee).

The skanner.net/mtgox/ site is down pending new API's from Gox.

thegoxreport.com is also down with a notice that it too is being rebuilt awaiting new api's from Gox.

My recent btc withdrawal attempts cannot proceed as Gox appears to be blocking all addresses whether valid or not.

In sum, it appears they are stopping all transfers and trying to start from ground zero which can't be bad since everything attempted previously, failed. A new approach was necessary. However, given their apparent competence levels, I don't think I'll hold my breath awaiting positive results from this latest gambit.

It took since jan 27 until yesterday for mt gox to stop my withdrawl to online wallet . INstead of routing money to my withdrawl request it puts it back in mt gox wallet for 1.1 bitcoin i immediatley try and resend and it gets restuck. developmental team is on drugs and icompetent if not outright thieves. Am  I going to wait another 7 days for them to stop withdrawl transaction procedure as a timout and have them put back in my mt gox and keep rinsing and repeating?

[Elo]

I was able to find my missing transactions in MtGox's feed, and from a cursory investigation, it seems like the sky might not yet be falling. (I.e., the cause might not be MtGox's insolvency, but rather incompetence, which means we might eventually see our Bitcoins.)

It turns out that one of the outputs that MtGox tried to use to produce my transaction was a recently generated coinbase output which is not yet 100 blocks old - not even at this point, let alone hours earlier, when MtGox tried to spend it. Apparently, people are mining to MtGox addresses associated with their accounts, and MtGox tries to spend them after a handful of confirmations rather than 100, which coinbase outputs require.

There might be problems with other previous outputs, but this would definitely cause a transaction to stall.

I'm somewhat confident right now that this is a big technical snafu based on old bugs that MtGox hasn't bothered fixing in a while (such as the known coinbase bug and the known duplicate spend bug), but which snowballed now that many people have panicked (like I have) and tried to withdraw.

Hopefully, I'm right about this, and we'll eventually see our Bitcoins.

It's still gross incompetence and unimaginable customer service, of course.

[Hawkix]

This doesn't explain why they do not fund fresh new hot wallet with 30k BTC from cold storage and let the withdrawals go.

Unless there is no 30k BTC storage left ...

[aiadvisors]

I'm somewhat confident right now that this is a big technical snafu based on old bugs that MtGox hasn't bothered fixing in a while (such as the known coinbase bug and the known duplicate spend bug), but which snowballed now that many people have panicked (like I have) and tried to withdraw.

um.... yeah.... that would be panic that never in a million billion years would have occurred with the teeniest tiniest amount of transparency or explanation as to what was actually going on.... an explanation which we continue to wait for.  Perhaps the secrecy was to avoid looking incompetent and thereby losing the trust of the customers, but the secrecy itself has had the effect of.... yep, you guessed it.  Technical incompetence + customer service incompetence = sinking ship.

[pedro82]

And still in "New Year holiday"

"Important Reminder:  Due to the New Year holiday observed by Japanese financial institutions between December 29, 2013 and January 6, 2014, deposits and withdrawals are currently experiencing delays."


What are these guys doing to miss this ! Hello any body home !

Humm  this doesn't look good ! 

[silvermario]

I had tried to withdraw small sum of BTC 10 minutes ago.

6 withdraw attempts, 0.11 BTC  each

5 got stuck, 1 got through and is confirming


No more: "Invalid bitcoin address, please confirm your input" alert


Light in the tunnel? Hopefully it isn't a choo-choo.

[Nagle]

And still in "New Year holiday"

"Important Reminder:  Due to the New Year holiday observed by Japanese financial institutions between December 29, 2013 and January 6, 2014, deposits and withdrawals are currently experiencing delays."

That's basic con artist operating procedure. Vary your excuses, pay the mark a little to keep him on the string, and use excuses tied to current events (weather, holidays, political events) when possible.

Mt. Gox has used almost all the classic excuses - government persecution, bank being uncooperative, attacks by others, too much business, technical problems, holidays... It amazes me that anybody is still believing them.

I'm still amazed that no one has sued them. (They don't owe me any money, so I don't have to.)

[vleroybrown]

This continuing delay for what is most likely a majority of users based on success rates of those who have withdrawn funds in multiple smaller amounts, can in my limited technical understanding only indicates on thing, MtGox is insolvent.  Every technical analysis I have read is extrapolated from past fiascos that hurt bitcoin values short to medium term.  So with that all being the case again now, how much fallout in value and time will the offical statements or information getting out equal.  Also what approach is the best one under the circumstances,  the track they are on of silence or an offical reveal and a plan B scenario usful to the position of the sites users.