Bitfloor: Can't withdraw BTC

[asdf989]

I know that bitfloor is probably out of business, but I was led to believe that this should only effect their USD account. My money was in BTC on the site.

I tried to trasnfer my BTC to another account and the transaction has been stuck in  'pending' for 24 hours.

Does anyone know if they've frozen all accounts? I don't know how that could be true.

[DannyHamilton]

My assumption (and hope) would be that, by now, they've transferred any remaining BTC balance to secure offline storage.  If this is so, there will probably be some manual effort involved to process any BTC withdrawals.  You could try contacting them on Twitter (they seem to be responsive to that communication channel lately) and asking what sort of delays to expect on bitcoin withdrawals.

https://twitter.com/bitfloor

[asdf989]

Still no response from email or twitter.

This is very sketchy. What right do they have to freeze a pure BTC account?

[Rishodi]

Still no response from email or twitter.

This is very sketchy. What right do they have to freeze a pure BTC account?

It's not that BTC funds have been frozen; it's that most weren't being held online (i.e. in a hot wallet). After a system breach and massive theft of all users' bitcoins last year, bitfloor took the correct security measure of storing most user BTC funds offline (i.e. in a cold wallet).

Obviously with bitfloor shutting down operations, there's been a run of users all trying to withdraw funds. After the hot wallet is exhausted, BTC withdrawals can no longer be completed automatically on bitfloor's servers. It requires manual action in order to process the transaction. Such is the inconvenience of using a cold wallet as security precaution, and so your withdrawal will remain in the "pending" state until you can get someone to manually enact it for you -- assuming, of course, that your funds are indeed available and being stored in bitfloor's cold wallet.

[monocolor]

interesting stuff

[asdf989]

... so your withdrawal will remain in the "pending" state until you can get someone to manually enact it for you -- assuming, of course, that your funds are indeed available and being stored in bitfloor's cold wallet.

Thanks.  You're the first person to have actually provided a sensible response. There's a very dramatic lack of information out there. I can sit tight, but they really should post a bit more information on there sight.

---- www.bitfloor.com front page BLOG-----
2013.05.01
We are still waiting to hear back from the bank regarding our remaining account balance.
------------------------------------------

[Rishodi]

Bitfloor is not doing a very good job of communicating with their customers right now. There's no doubt about that. In these types of situations there need to be weekly updates, even if, like yesterday, it's just to say that they're still waiting on the bank.

[surivrox]

got the same problems with them

[poiuytrez]

I think as long as you get regular updates on the website, you money is safe.

[zocipro]

Never used and can't help.

[dgl]

i have about 88 BTC stuck in bitfloor because I uninstalled my 2auth. I tried posting on twitter and he's blocked me. Tried e-mailing him several times and he hasn't responded.

I really wish would Roman would do right by me and let me access my BTC, it has nothing to do with the withdrawals.

[asdf989]

2 Months on. No new updates on the website. No change.

This is criminal behaviour, but its the wild west out there. When you suffer a 100% loss, it doesn't really matter what your buying and selling price are.