Is Bitfinex turning into Mt. Gox?

[ranlo]

Do they still do not allow BTC or Ether withdrawals? I know fiat is out of the question ATM but is crypto moving out possible?

Cause if fiat is the only issue, that s a banking problem. If crypto s locked down as well, that s clear insolvency.

Why use the word "still"? Moving crypto in or out has never been a problem. The only thing you can't withdraw or deposit is fiat (unless you count USDT).

Cause I was told crypto does not work either. If what you say is true, then there s no need to compare them to Mt.Gox. Having liquidity issues and having issues with banks not cooperating and not supporting crypto projects re completely different issues.

Lets hope they resolve these issues soon.

I've never seen anyone say crypto doesn't work. They even stated that crypto is not and will not be an issue (nor have I had one). The entire situation is just dealing with a bank. They still have all the USD, they just need a bank to allow them to send/receive again. Think of it like them holding everyone's fiat in cash -- they have it, they just need a way to move it.

Are there any more updates on their banking situation? Is Bitfinex going to move the funds to a new bank? Do they even have a new bank ready to accept them as a client? Its taking too long if the problem is a simple banking problem. Maybe someone should contact the Taiwanese bank to see if Bitfinex's account is frozen.

Banking problems are never "easy" when you are dealing with international transfers. Even getting a bank to allow international transfers usually requires jumping through hoops. Then add in the Taiwanese issues and it's compounded.

Then would that mean theres a chance all the users' funds thats being held by Bitfinex will be frozen for a longer period of time than we have anticipated? What if 90% of all Bitfinex users leave the exchange and withdraw everything they have in BTC, ETH, LTC and ETC? Maybe thats the reason why those cryptocurrencies are being pumped.

They're not insolvent in cryptos. If everyone withdrew all the BTC on the exchange, they (BFX) would still have BTC left over, for example. The only things affected are fiat. How they will get that part resolved I don't know. Luckily, I don't use them for fiat.

[pinkflower]

Thats good for their users. But it will be bad for Bitfinex if the first word of an indefinite freeze of their funds comes out. No person would he stupid enough to wait for 3 years with the risk of not getting their money out. The better option would be to withdraw now via cryptocurrency with high volume and avoid coming back to the exchange.

[skymek]

Yes looks bitfinex show a marks like a few moments before mtgox collapse.

[Bonez0r]

Meanwhile, the BTC price difference (and the price difference between USD and USDT) is down to less than 2%. So for those who still have fiat on Bitfinex and want out, it will only cost you 2% now, as opposed to 9-10% earlier. Or you can wait until the difference is 0%. I think the shrinking difference is the result of growing confidence that Bitfinex will indeed solve this problem and give people access to their fiat again soon.

[pinkflower]

Meanwhile, the BTC price difference (and the price difference between USD and USDT) is down to less than 2%. So for those who still have fiat on Bitfinex and want out, it will only cost you 2% now, as opposed to 9-10% earlier. Or you can wait until the difference is 0%. I think the shrinking difference is the result of growing confidence that Bitfinex will indeed solve this problem and give people access to their fiat again soon.

The better thing to do would be to keep holding BTC because the price is still going up. Take the opportunity now while its there. The big crash will be coming sooner than we think. I would hate to be trapped in Bitfinex during a crash.

[unluckyben]

Has it been confirmed they ve halted withdrawals as well? I ve read only about wire deposits not working.

[el_rlee]

I am still wondering that it is so quiet about the issues at Bitfinex... but then again, it was also not a big deal with Gox back in the days. No money anymore for 2 weeks and the first thread https://bitcointalk.org/index.php?topic=179586.0 started.

One single protester in front of their doors - I mean, really? One?

[ranlo]

Has it been confirmed they ve halted withdrawals as well? I ve read only about wire deposits not working.

They only halted deposits/withdrawals in FIAT. Not sure why people keep pushing the idea that this is affecting coins as well -- it isn't, hasn't, and they've said it won't.

[crazyivan]

Has it been confirmed they ve halted withdrawals as well? I ve read only about wire deposits not working.

They only halted deposits/withdrawals in FIAT. Not sure why people keep pushing the idea that this is affecting coins as well -- it isn't, hasn't, and they've said it won't.

+1 to this. As if you people WANT to create another Mt.Gox. Stop this FUD, only Fiat is in question ATM.

[richardsNY]

Has it been confirmed they ve halted withdrawals as well? I ve read only about wire deposits not working.

They only halted deposits/withdrawals in FIAT. Not sure why people keep pushing the idea that this is affecting coins as well -- it isn't, hasn't, and they've said it won't.

It's a common thing that people here don't read much further than the title of a thread or article. They just read that Bitfinex doesn't allow deposits and withdrawals, but completely miss the crucial underlying information that tells them the exact and complete story. It's annoying, but there is not much that can be done about this. Just point people at how things really are -- which is exactly what you did.

[Termin4tor]

I dont think so. They are one of the most highly legitimate and trusted bitcoin exchanges right now even though they got hacked recently. Most of the people though they wouldn't be able to repay the stolen funds but amazingly they seem to have paid back almost all the money through the issue of BFX Tokens.

[Wandering Soul~]

I dont think so. They are one of the most highly legitimate and trusted bitcoin exchanges right now even though they got hacked recently. Most of the people though they wouldn't be able to repay the stolen funds but amazingly they seem to have paid back almost all the money through the issue of BFX Tokens.

If bad things happen consecutively,  Some people will panic and start jumping to their own conclusions .  Honestly, Halting withdrawals is not rare, it also happened to kraken furthermore bitfinex is just halting withdrawals and deposits in fiat, You don't need to worry that much but being hacked is a different thing, it just proves that there is a flaw in them and we don't know if they successfully removed them . Can't blame people if tbey start to get cautious .

[pinkflower]

Has it been confirmed they ve halted withdrawals as well? I ve read only about wire deposits not working.

They only halted deposits/withdrawals in FIAT. Not sure why people keep pushing the idea that this is affecting coins as well -- it isn't, hasn't, and they've said it won't.

Nobody is giving the idea that its affecting cryptocurrencies. The big worry here is how long would it take before fiat deposits and withdrawals are allowed again at the exchange. If this problem takes more than 1 year then Bitfinex will have to halt trading and let their clients withdraw in BTC and other cryptocurrencies.

[alyssa85]

Has it been confirmed they ve halted withdrawals as well? I ve read only about wire deposits not working.

They only halted deposits/withdrawals in FIAT. Not sure why people keep pushing the idea that this is affecting coins as well -- it isn't, hasn't, and they've said it won't.

I think some people are getting the situation confused with what is happening on the Chinese exchanges.

Bitfinex (based in Taiwan): have halted all deposits and withdrawals in Fiat

OKCoin and all the Chinese exchanges: have halted all deposits and withdrawals in cryptocurrency (and this has been the case since mid February).

The western exchanges (bitstamp, GDAX, Gemini, Kraken) are all fine and you can deposit and withdraw both fiat and cryptocurrency.

[arwin100]

Has it been confirmed they ve halted withdrawals as well? I ve read only about wire deposits not working.

They only halted deposits/withdrawals in FIAT. Not sure why people keep pushing the idea that this is affecting coins as well -- it isn't, hasn't, and they've said it won't.

Nobody is giving the idea that its affecting cryptocurrencies. The big worry here is how long would it take before fiat deposits and withdrawals are allowed again at the exchange. If this problem takes more than 1 year then Bitfinex will have to halt trading and let their clients withdraw in BTC and other cryptocurrencies.

I don't know if the surging price of btc makes bitfinex hold the funds of their investors since if they would let people withdraw what they have it can affect the + rally of bitcoins at this point(just my pity opinion). And we should leave this exchange since they have been compromised already and this second time around is kinda little bit suicide for the people who keeps deposting in their. And how could people settle on them will their so many exchange existing today.

[pinkflower]

Has it been confirmed they ve halted withdrawals as well? I ve read only about wire deposits not working.

They only halted deposits/withdrawals in FIAT. Not sure why people keep pushing the idea that this is affecting coins as well -- it isn't, hasn't, and they've said it won't.

Nobody is giving the idea that its affecting cryptocurrencies. The big worry here is how long would it take before fiat deposits and withdrawals are allowed again at the exchange. If this problem takes more than 1 year then Bitfinex will have to halt trading and let their clients withdraw in BTC and other cryptocurrencies.

I don't know if the surging price of btc makes bitfinex hold the funds of their investors since if they would let people withdraw what they have it can affect the + rally of bitcoins at this point(just my pity opinion). And we should leave this exchange since they have been compromised already and this second time around is kinda little bit suicide for the people who keeps deposting in their. And how could people settle on them will their so many exchange existing today.

Havent you been reading the news about BTC? Bitfinex's bank in Taiwan thats holding all their client's funds and maybe also funds for their operating expenses are locking the those funds. No one can withdraw fiat from Bitfinex but BTC is allowed.

Please read up before you log in here.

[el_rlee]

Havent you been reading the news about BTC? Bitfinex's bank in Taiwan thats holding all their client's funds and maybe also funds for their operating expenses are locking the those funds. No one can withdraw fiat from Bitfinex but BTC is allowed.

Please read up before you log in here.

Yeah, and that is really worrying... but it seems most people are fine with it. My advice: get out of Bitfinex NOW - take the opportunity of the extremely low spread to Bitstamp at this moment (1776 to 1798 USD/BTC).

[dserrano5]

Yeah, and that is really worrying... but it seems most people are fine with it. My advice: get out of Bitfinex NOW - take the opportunity of the extremely low spread to Bitstamp at this moment (1776 to 1798 USD/BTC).

I got out of bfx already but not because I believe they are going to fail. I did because when they solve their banking problems they probably will force the typical AMLKYC crap on us and lock our coins if we don't provide our docs. Margin trading there with no docs was nice but things have an end. Too bad I missed on this recent price rise.

[ultrloa]

Yeah, and that is really worrying... but it seems most people are fine with it. My advice: get out of Bitfinex NOW - take the opportunity of the extremely low spread to Bitstamp at this moment (1776 to 1798 USD/BTC).

I got out of bfx already but not because I believe they are going to fail. I did because when they solve their banking problems they probably will force the typical AMLKYC crap on us and lock our coins if we don't provide our docs. Margin trading there with no docs was nice but things have an end. Too bad I missed on this recent price rise.

Thats a big minus on me totally since im pretty cautious about giving my private docs on some certain site thats why i never try to trade at them eventhough their alts prices are pretty good to buy and potential on arbitrage trades. Im pretty sure those people who spend more in that exchanges are pretty much worried since bitfinnex are showing some signs that they will fall down. Hope it will not affect for the current price rise.

[8xbt.com]

You can bet it at Fairlay. The chance is slim for turning into a mtgox.