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Author Topic: Dwolla can no longer process deposits or withdrawals to MtGox  (Read 12845 times)
old_engineer
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May 14, 2013, 07:31:19 PM
 #1

Received a message from Dwolla just now:

"As of 12:13 PM on 5/14/2013:

You’re receiving this notice because our systems have indicated that you’ve processed and completed a real-time Dwolla-to-Dwolla payment to Mutum Sigillum LLC (“Mt. Gox”) within the last 24 hours.

Due to recent court orders received from the Department of Homeland Security and U.S. District Court for the District of Maryland, Dwolla is no longer legally able to service Mutum Sigillum LLC’s account.

This is a courtesy email encouraging you to follow up on any uncompleted orders with Mutum Sigillum LLC as Dwolla is now unable to move money to and from Mutum Sigillum LLC’s Dwolla account.

Dwolla is not party to this matter nor does it have any information or further insight into the situation. We strongly encourages those with questions to contact Mutum Sigillum LLC

Note: Dwolla requires a court order before honoring requests such as seizing funds or revoking access to an account.

On behalf of Dwolla, we apologize for this inconvenience."

This is rather inconvenient for me as I've been using Dwolla-->MtGox for some time now.  It's slow, but it's been working without much effort and with only a $0.25 fee.  How many people actually use this method of getting money into MtGox?
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Nekrobios
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May 14, 2013, 07:32:32 PM
 #2

Does Dwolla work for large amounts of money? I would think that international wires are the most important.
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May 14, 2013, 07:33:05 PM
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Well, that's inconvenient.
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May 14, 2013, 07:36:40 PM
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Due to recent court orders received from the Department of Homeland Security and U.S. District Court for the District of Maryland, Dwolla is no longer legally able to service Mutum Sigillum LLC’s account.

The Department for Homeland Security send out court orders ?

I'd like to read these, are they a matter of public record on some website or locked away in secret ?
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May 14, 2013, 07:37:32 PM
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Received a message from Dwolla just now:

"As of 12:13 PM on 5/14/2013:

You’re receiving this notice because our systems have indicated that you’ve processed and completed a real-time Dwolla-to-Dwolla payment to Mutum Sigillum LLC (“Mt. Gox”) within the last 24 hours.

Due to recent court orders received from the Department of Homeland Security and U.S. District Court for the District of Maryland, Dwolla is no longer legally able to service Mutum Sigillum LLC’s account.

This is a courtesy email encouraging you to follow up on any uncompleted orders with Mutum Sigillum LLC as Dwolla is now unable to move money to and from Mutum Sigillum LLC’s Dwolla account.

Dwolla is not party to this matter nor does it have any information or further insight into the situation. We strongly encourages those with questions to contact Mutum Sigillum LLC

Note: Dwolla requires a court order before honoring requests such as seizing funds or revoking access to an account.

On behalf of Dwolla, we apologize for this inconvenience."

This is rather inconvenient for me as I've been using Dwolla-->MtGox for some time now.  It's slow, but it's been working without much effort and with only a $0.25 fee.  How many people actually use this method of getting money into MtGox?

Um kind of concerning. This is Gox's US-based payment processor, isn't it? WTF is going on?
scarab2378
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May 14, 2013, 07:38:29 PM
 #6

This happened to me as well (got the same message).

WHat are our options?
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May 14, 2013, 07:39:09 PM
 #7

Let me be the first to say:

SELL SELL SELL! Grin
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May 14, 2013, 07:39:23 PM
 #8

This happened to me as well (got the same message).

WHat are our options?

Regular bank transfers. Which the government probably has a much easier time tracking. :-) To be honest this sounds like more of a way to shut down Dwolla then to shut down MtGox.

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mccorvic
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May 14, 2013, 07:39:41 PM
 #9

Wait, I'm confused....

People are still using Mt.Gox?

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May 14, 2013, 07:40:12 PM
 #10

Let me be the first to say:

SELL SELL SELL! Grin

Not if tyou want to get your money out of MTGOX,  To do that you'll have to buy buy buy.

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May 14, 2013, 07:40:22 PM
 #11

Wait, I'm confused....

People are still using Mt.Gox?

haha, exactly. All that big money sitting on Gox isn't Dwolla money. It's Bank transfer money.

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mgio
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May 14, 2013, 07:40:26 PM
 #12

This is very bad.

I used Dwolla exclusive for getting money in and out of MtGox. They were great and cheap as others have said before.  

We need a US-based exchange to open up QUICKLY. This is not good news for bitcoins. It's only becoming harder to acquire bitcoins now.
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May 14, 2013, 07:40:51 PM
 #13

This happened to me as well (got the same message).

WHat are our options?

SWIFT (BIC/IBAN) transfers
SystemDisc
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May 14, 2013, 07:41:02 PM
 #14

Wait, I'm confused....

People are still using Mt.Gox?

This
NamelessOne
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May 14, 2013, 07:41:13 PM
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So two USA regulating bodies don't know weather bitcoin is a commodity or a currency but they simply want to regulate it, not ban, and another agency, Homeland Security, is trying to shut the whole thing down probably because someone one time mentioned it could fund terrorism.
mccorvic
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May 14, 2013, 07:41:33 PM
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Everyone is complaining about how hard it is to get bitcoin, and I'm just sitting here acquiring bitcoin.

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May 14, 2013, 07:42:40 PM
 #17

Wait, I'm confused....

People are still using Mt.Gox?
Who else are you going to use?  Everyone else has lax security or no US-customer options.
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May 14, 2013, 07:42:54 PM
 #18

Wait, I'm confused....

People are still using Mt.Gox?
Right? How can you be so stupid and trade at the most liquid market while all the others are going down due to hacks and legal issues? Hahaha, those stupid people who need to trade large volumes, and dislike losing all of their money. Grin Grin Grin

Here is a paper for you: http://fc13.ifca.ai/proc/1-2.pdf
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May 14, 2013, 07:42:59 PM
 #19

So two USA regulating bodies don't know weather bitcoin is a commodity or a currency but they simply want to regulate it, not ban, and another agency, Homeland Security, is trying to shut the whole thing down probably because someone one time mentioned it could fund terrorism.

Last I checked, Homeland Security kind of is in the habit of abusing it's position. But hey- who knows.

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old_engineer
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May 14, 2013, 07:46:22 PM
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Does Dwolla work for large amounts of money? I would think that international wires are the most important.
Depends on your definition of "large".  Maximum single transaction size is $5000 by default, but they say they can process up to $99MM transactions.  I'm sure MtGox has received millions through their Dwolla account over the past couple of years, but I really have no idea how much per month is going in or out. 

My guess is that DHS has claimed it's an AML issue because 'errorism.
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