MtGox wires ARE delayed

[joesmoe2012]

Tuesday wire received wednesday.

Wed, Thurs, Fri, and monday wires not yet received.

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[dave111223]

So now the question remains do I:

1) Leave my fiat with Gox and hope they are telling the truth

2) Buy BTC and withdraw them to Bitstamp and eat a ~7% loss

Hm...

[dave111223]

Option C) Panic buy and hold my BTC in my own wallet....

DONE

[RoadTrain]

So now the question remains do I:

1) Leave my fiat with Gox and hope they are telling the truth

2) Buy BTC and withdraw them to Bitstamp and eat a ~7% loss

Hm...

There will be no loss until you sell it cheaper. I'd just leave at mtgox the amount I can risk. And would buy & withdraw the remaining.

[jubalix]

I think I can say that this is also a lie - someone at the bank is lying to mtux if this is what was said.

exactly my thoughts

[bigdude]

my theory:

Dwolla accounts seized -> MtGox loses access to most of their USD -> MtGox tries to cope but runs out of USD reserves -> people start complaining that their withdrawals are taking increasing amounts of time -> MtGox issues notice, USD withdrawals suspended (ie. we have no USD and are trying to organise more via investors or bank credit)

[bitdragon]

I've read Euros can be withdrawn just fine and quickly? Is it is true how does that fit with the automated wire transfer system outage? Wouldn't they be processed by the same system?

Euros come from Poland and the delays are much worse than USD through Japanese bank.
Apparently because the daily limits are reached very quickly.
These claims of Euros coming fine are quickly are really to be taken with a grain of salt. There might be some exceptions and outliers but overall it is not an option if you value time and peace of mind.

[Rampion]

I've read Euros can be withdrawn just fine and quickly? Is it is true how does that fit with the automated wire transfer system outage? Wouldn't they be processed by the same system?

Euros come from Poland and the delays are much worse than USD through Japanese bank.
Apparently because the daily limits are reached very quickly.
These claims of Euros coming fine are quickly are really to be taken with a grain of salt. There might be some exceptions and outliers but overall it is not an option if you value time and peace of mind.

I really don't get why you are so sure that the withdrawals coming through super quickly are the exception, and not the other way around. People tends to complain when have a problem, while tend to stay quiet when they have not.

What I know is that I've very recently requested three "big" (5 figures each) SEPA withdrawals and the money arrived to my account in max. 3 days. I don't know why I should be the exception and the 10-15 (ok, let's say 20) people complaining of delayed SEPA transfers are the norm. I'd say MtGox has many thousands of clients (+60,000? More?), and if the norm was extremely long delays for EVERYBODY requesting SEPA transfers we would be having a real shit storm of complaints.

I may be mistaken, but that's how I see it.

[neuronics]

Some information to bring more light in the dark:

During the last month I made 4 withdrawals (wire) to my account (Switzerland). Also done before without issues. All 4 amounts went through and were credited on my account as usual, about two weeks ago. Therefore I was appreciating the service provided by Mt. Gox.

Yesterday I got a phone call from my local bank, stating that they didn`t get the clearance from the correspondent banks reagarding the $$ transfer. The money went back to Mt. Gox. So these amounts could not be credited any longer and got cancelled.

It seems to be an issue of the international banks involved, below the original text from my bank, saying that the 4 amounts are returned from Citibank to JP Morgan Chase (Mt. Gox) due to internal guidelines. They are waiting for my instructions in which way Mt. Gox will send the money again.

Das von der Mt Gox Co. Ltd. Überwiesene Geld (4 Beträge USD) wurde von der Depotbank Citibank auf Grund interner Richtlinien an die JP Morgan Chase und somit an Mt Gox Co. Ltd retourniert. Bitte kontaktieren Sie die Firma ob das Geld erneut überwiesen wird....

The infos I got from Gox support:

Hello, We apologize for the inconvenience caused. Our bank is facing few issues sending the transactions to the Citibank accounts. Our bank is trying to resolve this issue and we are also working on few alternatives. The funds once cancelled will be sent back to the MT Gox account and I will keep you updated on this.

The same day, some hours later, Gox "Statement Regarding Temporary Hiatus on U.S. Dollar Withdrawals" followed. Consistent as far as only $$ transfers are affected.

Looking like big US players are blocking $$ transfer. We are not really surprised, aren`t we ? Hope Mt. Gox will find solutions to circumvent the hiatus. It would be interesting what Citibanks "internal guidelines" are stating.

[EuroTrash]

Looking like big US players are blocking $$ transfer. We are not really surprised, aren`t we ? Hope Mt. Gox will find solutions to circumvent the hiatus. It would be interesting what Citibanks "internal guidelines" are stating.

First of all this is very helpful. Thanks for the useful information. It clears out some BS from Gox and makes us understand that the banks are playing dirty.

Second you are in Switzerland but still your transfers from Japan do not get through - which means that there are US banks involved in the Swift transfer (the ones you mentioned) and they are (likely illegally) performing a blockade.
Go sue them. Good luck 

[samson]

Looking like big US players are blocking $$ transfer. We are not really surprised, aren`t we ? Hope Mt. Gox will find solutions to circumvent the hiatus. It would be interesting what Citibanks "internal guidelines" are stating.

First of all this is very helpful. Thanks for the useful information. It clears out some BS from Gox and makes us understand that the banks are playing dirty.

Second you are in Switzerland but still your transfers from Japan do not get through - which means that there are US banks involved in the Swift transfer (the ones you mentioned) and they are (likely illegally) performing a blockade.
Go sue them. Good luck 

I was just reading about the SWIFT (international wire) system and read something very alarming :

http://en.wikipedia.org/wiki/SWIFT#US_Control_over_Transactions_within_the_European_Union

US Control over Transactions within the European Union

On 26 February 2012 the Danish newspaper Berlingske reported that US authorities evidently have sufficient control over SWIFT to seize money being transferred between two EU countries (Denmark and Germany), since they have seized around U$26,000 which were being transferred from a Danish to a German bank. The money was a payment by a Danish businessman for a batch of Cuban cigars previously imported to Germany by a German supplier. As justification for the seizure, the U.S. Treasury has stated that the Danish businessman has violated the United States embargo against Cuba.[23]

WTF ! If the US decides to go after Bitcoin in a big and more overt way then they could disrupt transactions which go nowhere near a US bank.

[EuroTrash]

I was just reading about the SWIFT (international wire) system and read something very alarming :

http://en.wikipedia.org/wiki/SWIFT#US_Control_over_Transactions_within_the_European_Union

US Control over Transactions within the European Union

On 26 February 2012 the Danish newspaper Berlingske reported that US authorities evidently have sufficient control over SWIFT to seize money being transferred between two EU countries (Denmark and Germany), since they have seized around U$26,000 which were being transferred from a Danish to a German bank. The money was a payment by a Danish businessman for a batch of Cuban cigars previously imported to Germany by a German supplier. As justification for the seizure, the U.S. Treasury has stated that the Danish businessman has violated the United States embargo against Cuba.[23]

WTF ! If the US decides to go after Bitcoin in a big and more covert way then they could are disrupting transactions which go nowhere near a US bank.

I corrected your spelling 
we know bitcoin was created to empower people to transfer money without governments and banks involved.
They are not the kind of people who state their intentions in the open.
I expect them to lose that war in the long run. But not without a massive dirty fight.

As for Gox I think their days are counted. Gox and BTC, compare to Napster and MP3.

[Delerium]

Please see latest MtGox announcement about this:

https://www.facebook.com/MtGox/posts/484532824964463?_fb_noscript=1

Delerium

[szita2000]

I've read Euros can be withdrawn just fine and quickly? Is it is true how does that fit with the automated wire transfer system outage? Wouldn't they be processed by the same system?

Let me correct you.

I have a request in EUR from 23rd of May... Still no money.


you can read Mt.Gox support's bullshit over here:

https://bitcointalk.org/index.php?topic=238036.msg2542142#msg2542142

[ElectricMucus]

I've read Euros can be withdrawn just fine and quickly? Is it is true how does that fit with the automated wire transfer system outage? Wouldn't they be processed by the same system?

Let me correct you.

I have a request in EUR from 23rd of May... Still no money.


you can read Mt.Gox support's bullshit over here:

https://bitcointalk.org/index.php?topic=238036.msg2542142#msg2542142

sorry to see that.
But thanks for the info.

[xavier]

Come on guys!!

It's obvious there is no technical problem here. The bank is under pressure from USA regulators to stop doing business in US dollars with MtGox

Isn't it a coincidence that only USD transactions are affected?

Seriously.... where is the common sense here

[gizmoh]

Frankly we need to sort this out and we need a JAPANESE guy to call/go to Mizuho and confirm the issue with Mt Gox!

[ineededausername]

Minor update.

Code:

[21:26] <ineededausername> hi mark! got just one question today: are you only sending wires to the partners who need them, or are you slowly processing normal users' wires too?
[21:26] <ineededausername> MtGox official statement on FB says that you are delivering at a temporarily reduced rate to normal customers, too.
[21:31] <MagicalTux> yep
[21:31] <MagicalTux> we will starting next week

[joesmoe2012]

Frankly we need to sort this out and we need a JAPANESE guy to call/go to Mizuho and confirm the issue with Mt Gox!

On it.

[joesmoe2012]

Frankly we need to sort this out and we need a JAPANESE guy to call/go to Mizuho and confirm the issue with Mt Gox!

On it.

They would not divulge any information. I lived in japan for a bit and have some friends there, had one of them call 2 different times. Both times some privacy bs about not being able to give out information on customers.

So i'm not sure how the previous poster was able to get any information from them.