MtGox withdrawal delays [Gathering]

[31337157]

I found this kind of interesting:

I received my last BTC withdrawal directly from a Coinbase account under 'dwolla1@gmail.com'. This was about 2 weeks ago and I had kept following up with MTGOX support, after 5 days they "resubmitted" the transaction to one of my Coinbase addresses and it was from another Coinbase account, 'dwolla1@gmail.com'

Anyone else run into something like this? Don't tell me they are buying directly from CB and manually transferring out to customers? Something must be very wrong.

Please someone correct me if I am wrong here (and would really like to be corrected! Say it ain't so).

[Bitnicity]

now bitcoin withdrawal is totally blocked, just received the following message when tried to withdraw, fucking shit:

"Bitcoin withdrawals are temporarily disabled until the issue is solved, please see announcement"

and i notice that the broker tx are dropping fast, seems they try to reset the whole backlog, hopefully we can get everything cleared.

[Nagle]

now bitcoin withdrawal is totally blocked, just received the following message when tried to withdraw, fucking shit:

"Bitcoin withdrawals are temporarily disabled until the issue is solved, please see announcement"

We've heard that before.

Mt. Gox press release, June 20, 2013: "We are ... temporarily suspending cash withdrawals of USD for the next two weeks."

Eight months later...

[Bitnicity]

ok, here is the latest announcement:

Statement Regarding BTC Withdrawal Delays

Tokyo - JAPAN - February 07, 2014

Dear MtGox Customers,

During our efforts to resolve the issue being encountered by some bitcoin withdrawals it was determined that the increase in withdrawal traffic is hindering our efforts on a technical level. As to get a better look at the process the system needs to be in a static state.

In order for our team to resolve the withdrawal issue it is necessary to temporarily pause all withdrawal traffic to obtain a clear technical view of the current processes.

We apologize for the extremely short notice, but as of now all bitcoin withdrawals will be paused, and withdrawals in the queue will returned to your MtGox wallet and can be re-intiated once the issue is resolved. Customers can still use the trading platform as usual.

Our team will be working hard through the weekend and will provide an update on Monday, February 10, 2014 (JST).

Again, we apologize for the inconvenience, and ask for your continued patience and support while we work to resolve this issue.

Best regards,

The MtGox Team

[fflx]

Please give us just long enough to monetize all your coins and flee the country...

perfect

[mightycount]

ok, here is the latest announcement:

Statement Regarding BTC Withdrawal Delays

Tokyo - JAPAN - February 07, 2014

Dear MtGox Customers,

During our efforts to resolve the issue being encountered by some bitcoin withdrawals it was determined that the increase in withdrawal traffic is hindering our efforts on a technical level. As to get a better look at the process the system needs to be in a static state.

In order for our team to resolve the withdrawal issue it is necessary to temporarily pause all withdrawal traffic to obtain a clear technical view of the current processes.

We apologize for the extremely short notice, but as of now all bitcoin withdrawals will be paused, and withdrawals in the queue will returned to your MtGox wallet and can be re-intiated once the issue is resolved. Customers can still use the trading platform as usual.

Our team will be working hard through the weekend and will provide an update on Monday, February 10, 2014 (JST).

Again, we apologize for the inconvenience, and ask for your continued patience and support while we work to resolve this issue.

Best regards,

The MtGox Team

Oh, the trading platform!!! YESSS!

[johnyj]

I alwasy prefer localbitcoins.com or similar escrow service, I think trading in a centralized exchange itself contradict with the nature of the decentralized currency

Although today localbitcoins.com does not have enough depth and liquidity, but if more and more people join their site and build up the bid and ask wall, eventually you will have enough liquidity to a middle sized exchange, anyway most of the volumes on exchanges are short term speculative volume made by trading bots. But you never have withdraw problem on localbitcoins

[severance26]

Please give us just long enough to monetize all your coins and flee the country...

perfect

you are trolling but i feel compelled to state the obvious anyway. well, obvious to me, i live in japan

dudes got no way to monetize coins. look at the btcjpy market depth. nothing going on there. in fact if you look back, there are more buys than sells! which blows my mind given the obvious arbitrage situation. most whities living here dont have the cash to do the arbitrage theyd like to.

there is no public interest in bitcoins in japan. japanese people dont have bitcoin wallets. everyone into bitcoin is WHITE. how is mark gonna monetize these bitcoins? keep in mind, other exchanges aren't going to knowingly let him commit a huge fraud, not after silk road/shrem etc.

ya'll need to have faith in the futility of living in japan. bureaucracy will crush any mans dreams.

what drives me crazy about mark, their recent news post saying they are going to work hard over the weekend to fix shit... JESUS WHY WERENT YOU WORKING ON WEEKENDS BEFORE what a lazy schmuck! everyone else in japan (and probably all of MtGox's Japanese staff) works six days a week, how can you be taking weekends off when your company is in tatters?

[btc237ftw]

Tokyo - JAPAN - February 07, 2014

Dear MtGox Customers,

During our efforts to resolve the issue being encountered by some bitcoin withdrawals it was determined that the increase in withdrawal traffic is hindering our efforts on a technical level. As to get a better look at the process the system needs to be in a static state.

In order for our team to resolve the withdrawal issue it is necessary to temporarily pause all withdrawal traffic to obtain a clear technical view of the current processes.

We apologize for the extremely short notice, but as of now all bitcoin withdrawals will be paused, and withdrawals in the queue will returned to your MtGox wallet and can be re-intiated once the issue is resolved. Customers can still use the trading platform as usual.

Our team will be working hard through the weekend and will provide an update on Monday, February 10, 2014 (JST).

Again, we apologize for the inconvenience, and ask for your continued patience and support while we work to resolve this issue.

Best regards,

The MtGox Team

This is very good news in my opinion. Finally they stop the ongoing pilling-up of errors, stop the flood of errors coming in and also the flood of requests such as mine like "please refund my stucked bitcoins to my mtgox wallet" and by stopping these floods, they can actually deal with the problem/s.

So to me, this looks reliable and I hope for the best for all of Gox users and Gox themselves.

Good luck guys,

[Miles]

thank you btc237ftw, been in this so long I'm actually getting emotional reading this message. An actual communication! Someone at the bitcoin foundation may have actually have called the CEO to tell him his company was in a crisis. He put down his sushi long enough to listen. This is the reason bitcoin price dropped today and not because of the Apple thing.

[btc_slo]

When I get all my BTCs back I will never use Mt.Gox again. Thats for sure!

[maxll]

Will never get any BTCs back from Mt.Gox again. Thats for sure!

[virtualfaqs]

Tokyo - JAPAN - February 07, 2014

Dear MtGox Customers,

During our efforts to resolve the issue being encountered by some bitcoin withdrawals it was determined that the increase in withdrawal traffic is hindering our efforts on a technical level. As to get a better look at the process the system needs to be in a static state.

In order for our team to resolve the withdrawal issue it is necessary to temporarily pause all withdrawal traffic to obtain a clear technical view of the current processes.

We apologize for the extremely short notice, but as of now all bitcoin withdrawals will be paused, and withdrawals in the queue will returned to your MtGox wallet and can be re-intiated once the issue is resolved. Customers can still use the trading platform as usual.

Our team will be working hard through the weekend and will provide an update on Monday, February 10, 2014 (JST).

Again, we apologize for the inconvenience, and ask for your continued patience and support while we work to resolve this issue.

Best regards,

The MtGox Team

This is very good news in my opinion. Finally they stop the ongoing pilling-up of errors, stop the flood of errors coming in and also the flood of requests such as mine like "please refund my stucked bitcoins to my mtgox wallet" and by stopping these floods, they can actually deal with the problem/s.

So to me, this looks reliable and I hope for the best for all of Gox users and Gox themselves.

Good luck guys,

My BTC withdrawal had a bad hash 2 days ago. I don't see it back in my account. So what does that mean?

[Bitnicity]

after reviewing the bellow analysis, i felt more assured now this is just technical glitch not insolvency, load up your gun guys, buy at the dip:

http://www.reddit.com/r/Bitcoin/comments/1x93tf/some_irc_chatter_about_what_is_going_on_at_mtgox/

[Chancellor]

load up your gun guys, buy at the dip:

Buy at the dip? Yes. At MtGox? No. 

[whave]

Guess I will flamed for this and accused for all sort of bullshit, but I still recieve euro from mtgox, last one 04. februar. The one before that was 15 January so less then the 20 days even.

How much did you withdraw? I've seen someone still waiting for his funds and he withdrew it on the 2nd of Jan... you did it 2 weeks later and you still got it. Was it a small amount or like 1000EUR?

[whave]

Can someone on this thread explain to me why anyone, ANYONE, would have traded at Gox in the last 6 months when there are others exchanges that are cheaper, faster, more secure and actually do WITHDRAWALS?

I can't for the life of me understand why any of you have coins or fiat there. Unless you are brand new to the bitcoin world and somehow figured out how to get verified and deposit there while somehow missing any of the literally thousands of posts on why that would be a bad idea, then I just don't understand what you people are doing.

You realise not everyone trades in eyuuuuuu essss dollahs? MTgox had the best currency coverage. Not like it matters now of course...

[kano]

Tokyo - JAPAN - February 07, 2014

Dear MtGox Customers,

During our efforts to resolve the issue being encountered by some bitcoin withdrawals it was determined that the increase in withdrawal traffic is hindering our efforts on a technical level. As to get a better look at the process the system needs to be in a static state.

In order for our team to resolve the withdrawal issue it is necessary to temporarily pause all withdrawal traffic to obtain a clear technical view of the current processes.

We apologize for the extremely short notice, but as of now all bitcoin withdrawals will be paused, and withdrawals in the queue will returned to your MtGox wallet and can be re-intiated once the issue is resolved. Customers can still use the trading platform as usual.

Our team will be working hard through the weekend and will provide an update on Monday, February 10, 2014 (JST).

Again, we apologize for the inconvenience, and ask for your continued patience and support while we work to resolve this issue.

Best regards,

The MtGox Team

This is very good news in my opinion. Finally they stop the ongoing pilling-up of errors, stop the flood of errors coming in and also the flood of requests such as mine like "please refund my stucked bitcoins to my mtgox wallet" and by stopping these floods, they can actually deal with the problem/s.

So to me, this looks reliable and I hope for the best for all of Gox users and Gox themselves.

Good luck guys,

Ah - what a load of crap PR release.

"by some bitcoin withdrawals"

Lulz yeah it may be some but but current count is STILL 4159
Half an hour ago it was ... 4153 ... man they are really chewing into that backlog ... oh wait, it went up 6

It's been going on for 2 months or more and they suddenly realise - oh shit stop everything and fix it? ...

Edit: reading it a second time ... yeah they want you to have your withdrawn coins back, and have nothing else to do but trade them so they make more trade fees ....... all weekend ...

[BitPaulo]

Just received my 2BTC back into my Mt Gox account. I tried to withdraw them 3 days ago... Let's see what will happen on Monday.

[newguy05]

FYI, this is very concerning. Didnt realize it, but checked mtgox market depth and it's true. There already seem to be a slow run on the bank with mtgox.

Not to create panic, but i suggest anyone with money/bitcoin in mtgox to get it out for safekeeping. Right now people are still walking towards the exit, you dont want to wait until it becomes a stampede.  It's pretty obvious at this rate, the bitcoins will be drained out due to mtgox inability to withdraw funds, and now even majority bitcoin withdraw is getting delayed.

I work in the financial industry for a long time, this is no different than a run on a fund, you dont want to be the last one in it trying to get out, always be the first. Yes it may not come to that, but why take the risk by leaving your bitcoins in mtgox?

I have converted the remaining balance in mtgox to bitcoin and submitted the withdraw request to get all of it out.

repost....

i will say again, whatever you believe about mtgox and unicorns, there is no reason, absolutely NONE, to leave your fiat or bitcoins in mtgox.

All risk, no reward.