0.25 BTC Bounty - Show me a Mt Gox USD Withdrawal :)

[omgitm]

Guys, I just requested a wire xfer this morning

https://i.imgur.com/uEiiU1F.png

Funds gone from MtGox, will post if they get to bank in 2-4 days... I hope so!!

Also I hope I get the bounty if it goes through because my bank charges $40 for receiving intl. wires

Thanks!

[abrkn]

-

[EuroTrash]

Guys, I just requested a wire xfer this morning

(Gox screenshot)

Funds gone from MtGox, will post if they get to bank in 2-4 days... I hope so!!

Also I hope I get the bounty if it goes through because my bank charges $40 for receiving intl. wires

Thanks!

Thanks for testing although sorry to say you should not have posted the exact amount and bank name in the screenshot.
You could have covered those details NOW and send them LATER in full after (if) the wire arrives instead.

Why? Because there is enough identifying information for Gox to locate you and "manually" wire you the amount (which is not a round number).

Now you may end up (maybe) receiving the bounty and still not proving anything. 

[dave111223]

Thanks omgitm.

As Eurotrash said, might be worth editing your post and blanking out some info. Before anyone at gox sees your post.

I can confirm for the record that the screenshot looked legit and the I have noted the amount so that I can confirm later how much it was (if the poster blanks it out).

[jl2012]

Guys, I just requested a wire xfer this morning

(Gox screenshot)

Funds gone from MtGox, will post if they get to bank in 2-4 days... I hope so!!

Also I hope I get the bounty if it goes through because my bank charges $40 for receiving intl. wires

Thanks!

Thanks for testing although sorry to say you should not have posted the exact amount and bank name in the screenshot.
You could have covered those details NOW and send them LATER in full after (if) the wire arrives instead.

Why? Because there is enough identifying information for Gox to locate you and "manually" wire you the amount (which is not a round number).

Now you may end up (maybe) receiving the bounty and still not proving anything. 

If it works like this, everyone will just post there screenshot here

[old_engineer]

I had a wire go through successfully on 6/12, but my wire requested on 6/15 is still listed as confirmed but not processed.  Funds have been locked up for almost a month now.  So, the "$1 million" backlog claimed to have been worked through were either just June 13th and 14th, or were wires taken out-of-order of request, such as for service providers like bitinstant.  My guess is the latter.

I do think the dam will burst and all the USD will come flowing out of MtGox... eventually.  Given the Liberty Reserve news and the seizure of MtGox's own account, I can't blame a traditional bank that wants to go slow with this new, high volume, seemingly sketchy bitcoin business.  Were I a bank manager, I'd audit their AML/KYC procedures and spot check their data before taking on their account.  And that takes time.

That all said, assuming the USD logjam does burst, will the price rise or drop?  I really don't know.

[zeroblock]

I am adding 0.25 BTC to the bounty. I believe that brings the total to 0.75 BTC?

[achillez]

For what it's worth mtgox responded to me a couple days ago and said they are looking at why my transaction is stuck. No response yet but will let people know as soon as I hear back. In the meantime I'm looking for alternative ways to convert BTC to funds. Coinbase looks like a brilliant option for USA folks

[EuroTrash]

Thanks omgitm.

As Eurotrash said, might be worth editing your post and blanking out some info. Before anyone at gox sees your post.

Pointless by now. 

[Syke]

Still waiting on my wire transfer from 6/25.

[epetroel]

I put one in for $8,000 on 7/12.  It's currently in "confirmed" status.  I'll post here again with screenshots if it actually goes through

[senor_coconut]

My situation:

Over 12k USD stuck at MtGox spread over 2 wire and 2 SEPA transfers, all in EUR.

Average SEPA delay 21 days and counting...
Average wire delay 17 days and counting...

Replies from MtGox support are copy-paste and they ignore requests for more information on specific status of my transfers:

"Hello,

We sincerely regret for the inconvenience caused to you at this point of time.

Please note that SEPA withdrawal are currently taking up to 3 weeks to process due to the sheer volume of withdrawal requests in queue.

If your withdrawal is larger than 10,000 USD or equivalent then it will take at least 1 month to process.

Once the funds processed from our end, we will update you on it.

Best regards,

Mt.Gox Team"

I believe this cannot be just an inept management/support service - something fishy is definitely going on.


edit: adding a Mt.Gox Support screenshot which says it all...

https://www.dropbox.com/s/873tpnxgijupg7u/chat.bmp

[Bigdaddyaz]

My situation:

I believe this cannot be just an inept management/support service - something fishy is definitely going on.

Yes.

I had a few wire withdrawals pending from late June (maybe 20th or 21st). After getting the "cut-and-paste" replies, and reading this story: http://www.thebitcoinchannel.com/archives/16164 I asked for the wires to be cancelled.

Of course within an hour or so they responded and the cash was back in my account. Just waited for dips in price and did my best to buy BTC cheap while selling some from bitstamp when it would rise. Overall spread wasn't too bad but it took quite a while to accomplish.

My wire requests were WEEKS old, and I made the cancel request over the weekend. They were able to give me my money back without even checking with their bank. I think when they say "pending", it means they take the funds out of your account and do NOTHING.

Electronic wire transfer offerings are a dime a dozen these days (some US examples below) no bank wants to keep an army of wire-room specialists if they can help it. When MtGox says "backlog", they might be referring to all the wires they haven't been able to send due to liquidity problems.

https://www.wellsfargo.com/com/treasury-management/payables/electronic/wire-transfers
http://www.comerica.com/commercial/treasury-management/payables-solutions/Pages/wire-transfer.aspx

[notme]

My situation:

I believe this cannot be just an inept management/support service - something fishy is definitely going on.

Yes.

I had a few wire withdrawals pending from late June (maybe 20th or 21st). After getting the "cut-and-paste" replies, and reading this story: http://www.thebitcoinchannel.com/archives/16164 I asked for the wires to be cancelled.

Of course within an hour or so they responded and the cash was back in my account. Just waited for dips in price and did my best to buy BTC cheap while selling some from bitstamp when it would rise. Overall spread wasn't too bad but it took quite a while to accomplish.

My wire requests were WEEKS old, and I made the cancel request over the weekend. They were able to give me my money back without even checking with their bank. I think when they say "pending", it means they take the funds out of your account and do NOTHING.

Electronic wire transfer offerings are a dime a dozen these days (some US examples below) no bank wants to keep an army of wire-room specialists if they can help it. When MtGox says "backlog", they might be referring to all the wires they haven't been able to send due to liquidity problems.

https://www.wellsfargo.com/com/treasury-management/payables/electronic/wire-transfers
http://www.comerica.com/commercial/treasury-management/payables-solutions/Pages/wire-transfer.aspx

There is a big difference between the technical requirements of sending funds and the regulatory requirements of sending funds.  Yes the first part is easy, but it is not the hard part.

[Bigdaddyaz]

There is a big difference between the technical requirements of sending funds and the regulatory requirements of sending funds.  Yes the first part is easy, but it is not the hard part.

I agree.

Do you think the KYC measures are what's causing the delay? I'd have guessed that those are mostly front-end requirements (I know when I opened my account I had to submit passport and other verification docs).

Or could it be the record-keeping requirements? My opinion is that record-keeping is electronic and automatic, so probably not the problem.

What about AML reporting requirements? You could argue that it takes time to "establish and implement policies and procedures that can be reasonably expected to detect and cause the reporting of suspicious transactions". But on the flip side, this is a road that many have already traveled down, and a playbook for MSB's is readily available. Here's an example:

http://www.fincen.gov/financial_institutions/msb/materials/en/prevention_guide.html


I'm curious to know your opinion as to which parts of the regulatory requirements would cause such an extraordinary delay?

[notme]

There is a big difference between the technical requirements of sending funds and the regulatory requirements of sending funds.  Yes the first part is easy, but it is not the hard part.

I agree.

Do you think the KYC measures are what's causing the delay? I'd have guessed that those are mostly front-end requirements (I know when I opened my account I had to submit passport and other verification docs).

Or could it be the record-keeping requirements? My opinion is that record-keeping is electronic and automatic, so probably not the problem.

What about AML reporting requirements? You could argue that it takes time to "establish and implement policies and procedures that can be reasonably expected to detect and cause the reporting of suspicious transactions". But on the flip side, this is a road that many have already traveled down, and a playbook for MSB's is readily available. Here's an example:

http://www.fincen.gov/financial_institutions/msb/materials/en/prevention_guide.html


I'm curious to know your opinion as to which parts of the regulatory requirements would cause such an extraordinary delay?

They just switched banks because their old bank was not comfortable with the levels of traffic.  Banks move slowly, especially when dealing with companies that have had regulatory actions against them (USG seized MtGox's Dwolla linked account).  The new bank will not allow them to ramp up their volume until they are absolutely sure all the t's are crossed and all the i's are dotted.

[Pale Phoenix]

This thread is terrifying. Has anyone considered that their Japanese accounts were frozen along with (or shortly after) their Mutum Signum U.S. account?

It's hard to believe that they would continue to delay payouts unless they had absolutely no way to send funds, as this debacle is causing significant damage to their already shaky reputation.

[Bugpowder]

This thread is terrifying. Has anyone considered that their Japanese accounts were frozen along with (or shortly after) their Mutum Signum U.S. account?

It's hard to believe that they would continue to delay payouts unless they had absolutely no way to send funds, as this debacle is causing significant damage to their already shaky reputation.

I heard of two people that got ~100k payouts via wire during the suspension. But they knew Tux personally.  I have no way to assess the credibility of the claim.

[Bigdaddyaz]

There is a big difference between the technical requirements of sending funds and the regulatory requirements of sending funds.  Yes the first part is easy, but it is not the hard part.

I agree.

Do you think the KYC measures are what's causing the delay? I'd have guessed that those are mostly front-end requirements (I know when I opened my account I had to submit passport and other verification docs).

Or could it be the record-keeping requirements? My opinion is that record-keeping is electronic and automatic, so probably not the problem.

What about AML reporting requirements? You could argue that it takes time to "establish and implement policies and procedures that can be reasonably expected to detect and cause the reporting of suspicious transactions". But on the flip side, this is a road that many have already traveled down, and a playbook for MSB's is readily available. Here's an example:

http://www.fincen.gov/financial_institutions/msb/materials/en/prevention_guide.html


I'm curious to know your opinion as to which parts of the regulatory requirements would cause such an extraordinary delay?

They just switched banks because their old bank was not comfortable with the levels of traffic.  Banks move slowly, especially when dealing with companies that have had regulatory actions against them (USG seized MtGox's Dwolla linked account).  The new bank will not allow them to ramp up their volume until they are absolutely sure all the t's are crossed and all the i's are dotted.

Yes, that does make sense. I'm left wondering why they wouldn't just state that instead of saying they have a backlog and are working to clear it. Anecdotally, it doesn't appear that they are working the queue at all. Has anyone seen a single confirmed withdrawal? Even from outside the bitcointalk.org community?

Time will tell I suppose.

[notme]

There is a big difference between the technical requirements of sending funds and the regulatory requirements of sending funds.  Yes the first part is easy, but it is not the hard part.

I agree.

Do you think the KYC measures are what's causing the delay? I'd have guessed that those are mostly front-end requirements (I know when I opened my account I had to submit passport and other verification docs).

Or could it be the record-keeping requirements? My opinion is that record-keeping is electronic and automatic, so probably not the problem.

What about AML reporting requirements? You could argue that it takes time to "establish and implement policies and procedures that can be reasonably expected to detect and cause the reporting of suspicious transactions". But on the flip side, this is a road that many have already traveled down, and a playbook for MSB's is readily available. Here's an example:

http://www.fincen.gov/financial_institutions/msb/materials/en/prevention_guide.html


I'm curious to know your opinion as to which parts of the regulatory requirements would cause such an extraordinary delay?

They just switched banks because their old bank was not comfortable with the levels of traffic.  Banks move slowly, especially when dealing with companies that have had regulatory actions against them (USG seized MtGox's Dwolla linked account).  The new bank will not allow them to ramp up their volume until they are absolutely sure all the t's are crossed and all the i's are dotted.

Yes, that does make sense. I'm left wondering why they wouldn't just state that instead of saying they have a backlog and are working to clear it. Anecdotally, it doesn't appear that they are working the queue at all. Has anyone seen a single confirmed withdrawal? Even from outside the bitcointalk.org community?

Time will tell I suppose.

They did:
https://mtgox.com/press_release_20130620.html
https://mtgox.com/press_release_20130704.html

Specifically:

Over the past weeks Mt. Gox has experienced rising volumes of deposits and withdrawals from established and upcoming markets interested in Bitcoin. This increased volume has made it difficult for our bank to process the transactions smoothly and within a timely manner, which has created unnecessary delays for our global customers. This is especially so for those in the United States who are requesting wire transfer withdrawals from their accounts.

and:

Mt. Gox has now formed relationships with several new banking partners both in Japan and around the world, and we are still in the process of finalizing even more. This means that we will have increased stability and ability to transmit withdrawals going forward.

But why would people look for information on mtgox.com's front page when it is easier to spread rumors on this forum?