BEWARE - MTGox Stealing Your Money!

[lambo]

It has been over 1 month since I initiated a transfer from my MtGox account, and I have yet to receive anything. MtGox claims there is nothing they can do, so basically they stole $9,500 from me!

I hope anyone thinking of using MtGox will STAY Away!  Not only does MtGox participate in price-fixing, but also stealing customer funds - shame!

I'd advise everyone to use alternatives to mtgox or consider your money at risk!

[mrdavis]

MtGox claims there is nothing they can do, so basically they stole $9,500 from me!

I feel like there some details that you left out that would explain the situation you are in.

[Walsoraj]

i need a loan of .6 BTC to pay for web hosting but just created a mtgox account, and currently going through the process of verification and funding which will take a few days! I will pay back someone 50% interest for a few days loan!

^ lol

*edit*

immediately after I quoted lambo in another thread, he deletes it. lol.

[lambo]

no details to give. I withdrew money to my bank account, they acknowledged the withdraw and it shows up as well in my account history, yet I never received the money and they keep saying that it was sent.... Now that it happened to me, I quickly realized it's happened to other people and I want to warn those who might use MtGox to withdraw money. I STRONGLY suggest you find another way to transfer funds to another place and withdraw from there. In order to transfer my other $15k, I had to buy bitcoins, transfer bitcoins to bitstamp, sell bitcoins(for a big loss due to price differences), and then withdraw from bitstamp to my bank account. That took less than a week... I will update the thread if I receive the funds, but I know I won't so please learn from this mistake!

[adamstgBit]

no details to give. I withdrew money to my bank account, they acknowledged the withdraw and it shows up as well in my account history, yet I never received the money and they keep saying that it was sent.... Now that it happened to me, I quickly realized it's happened to other people and I want to warn those who might use MtGox to withdraw money. I STRONGLY suggest you find another way to transfer funds to another place and withdraw from there. In order to transfer my other $15k, I had to buy bitcoins, transfer bitcoins to bitstamp, sell bitcoins(for a big loss due to price differences), and then withdraw from bitstamp to my bank account. That took less than a week... I will update the thread if I receive the funds, but I know I won't so please learn from this mistake!

you do realize MtGox public announced  wire withdraw was not possible for the moment.
are you sure they told you it was sent, or it was "being processed"?

[lambo]

you do realize MtGox public announced  wire withdraw was not possible for the moment.
are you sure they told you it was sent, or it was "being processed"?

Thanks for the reply... They had stopped withdraws a while ago but that is not the case anymore... The last message from support about 30 minutes ago was:


We have already resumed wire transfers after a few days of testing and have released a statement here:

https://mtgox.com/press_release_20130704.html

[acoindr]

Mt.Gox has a back log of wire transfers to process. You are not alone, but people are getting their money although slowly as Mt.Gox works to process orders manually. See here:

MtGox withdrawal delays [Gathering]

The press release you linked to is old. Their most recent press release is here:

https://www.mtgox.com/press_release_20130805.html

[Kuroth]

@lambo

By reading a few of your post, it appears that you are not a Bitcoin newbie.

If you were stupid naive enough to create an account in March 2013 at Gox and then proceed to move $24,000 in fiat to Gox after everything that has been posted about them here, well then you shouldn't be surprised.


~BCX~

Ouch.......   

Also I dont understand this whole Mt Gox Topic?  Can you not just convert your $$$ to BTC and transfer it out to somewhere else???  I dont get what the BFD is about all this..  (Note: I am pretty new to all of this)

[bitcon]

i'd rather transfer the money back to my gox acct. and buy coins, than lose it all. because i know i can still WD coins. anyone having luck doing this? i've been waiting since June 14th.  i dont understand why they are even allowing people to try to WD funds to US if they know its not possible.

edit:

they refunded/creditied me my unpaid withdrawals in about an hour from contacting them. on the negative side i will have to pay another FEE to convert the USD back to BTC. so gox rapes me twice if i do this. i will have to pay another fee when i tx coins to another exchange and cash out.

on the plus side i was refunded/credited more than i realized i actually was owed to begin with, so i guess its all the same. . . maybe i should just wait and see if wire transfers start up again to USA.

[Seth Otterstad]

There is no excuse to continue using Mtgox unless you need to cash out over 100k

[ronaldlee0917]

they refunded/creditied me my unpaid withdrawals in about an hour from contacting them.

I find it very interesting that MtGox support is totally useless and give copypaste answers when asking about USD withdraws. If you just ask them if canceling a withdraw is possible then they go ahead and do it almost immediately if even if you just asked if it's an option and did not specifically ask them to do it. They seem very eager to have customers/suckers buy their over-priced BTC instead of sending them their USD.

Of course they are willing to do so, the more people buy their already overpriced bitcoins and sold them on Bitstamp, the larger the price gap between the two exchanges, the more profit they could make from doing arbitrage between the two. As the only USDs that could leave MtGox now is their own dollars, they have a monopoly on doing this. They could earn 10% profit doing every round of arbitrage. With this rate and without competition, they could double or even triple their money in a few months. Very sound business plan from MtGox!

They don't care about their reputation and their customers anymore because they know very well they are going to phase out due to all the much better competitors. Their focus is all on short-term quick profits before their inevitable shutdown.

[KarmaShark]

they refunded/creditied me my unpaid withdrawals in about an hour from contacting them.

I find it very interesting that MtGox support is totally useless and give copypaste answers when asking about USD withdraws. If you just ask them if canceling a withdraw is possible then they go ahead and do it almost immediately if even if you just asked if it's an option and did not specifically ask them to do it. They seem very eager to have customers/suckers buy their over-priced BTC instead of sending them their USD.

After this much time has elapsed with so little tangible (and truthful) information out of Mt.Gox, it is fair to speculate they are in a death spiral. If this is the case, focusing on customers would be close to their very last priority. Once they have your money, you are all but a future annoyance to them until this all blows up.

That they said nothing on the now World-renowned fiat withdrawal issue is extremely telling and scary. I would get out now at any cost through Bitcoins, however each unfortunate individual who has funds held hostage by Mt.Gox will have to make that decision for themselves. If they wait too long, they could wind up with absolutely nothing.


Praying would be a good idea now.

[tstang]

@lambo,


you can just use the reference code provided by Mt Gox to your bank. If it's true, they should able to trace it.

Bank cannot lose your money, unless Mt Gox didn't send it.

[kawkaw2013]

@lambo,


you can just use the reference code provided by Mt Gox to your bank. If it's true, they should able to trace it.

Bank cannot lose your money, unless Mt Gox didn't send it.

I think that's a waste of time. It's clear that Mt.Gox hasn't instructed their bank to send him his money.

[TimJBenham]

Of course they are willing to do so, the more people buy their already overpriced bitcoins and sold them on Bitstamp, the larger the price gap between the two exchanges, the more profit they could make from doing arbitrage between the two. As the only USDs that could leave MtGox now is their own dollars, they have a monopoly on doing this. They could earn 10% profit doing every round of arbitrage. With this rate and without competition, they could double or even triple their money in a few months. Very sound business plan from MtGox!

Doesn't make sense. For this to work people have to keep depositing fiat at MtGox. Otherwise they are limited by whatever fiat customers had on deposit at the time the withdrawal freeze started.

[ronaldlee0917]

Of course they are willing to do so, the more people buy their already overpriced bitcoins and sold them on Bitstamp, the larger the price gap between the two exchanges, the more profit they could make from doing arbitrage between the two. As the only USDs that could leave MtGox now is their own dollars, they have a monopoly on doing this. They could earn 10% profit doing every round of arbitrage. With this rate and without competition, they could double or even triple their money in a few months. Very sound business plan from MtGox!

Doesn't make sense. For this to work people have to keep depositing fiat at MtGox. Otherwise they are limited by whatever fiat customers had on deposit at the time the withdrawal freeze started.

Don't you get it?
Canceled withdrawal is similar to a deposit, it makes available new money to buy their overpriced bitcoins. A canceled withdrawal is usually followed by a buy order, because people are desperate to get their money out of gox.
Also, some people are continuing to deposit money to MtGox despite their incompetence to handle withdrawals. If no one is depositing money to them,  there shouldn't be any reports of a deposit delay of more than 10 days.

[TimJBenham]

Of course they are willing to do so, the more people buy their already overpriced bitcoins and sold them on Bitstamp, the larger the price gap between the two exchanges, the more profit they could make from doing arbitrage between the two. As the only USDs that could leave MtGox now is their own dollars, they have a monopoly on doing this. They could earn 10% profit doing every round of arbitrage. With this rate and without competition, they could double or even triple their money in a few months. Very sound business plan from MtGox!

Doesn't make sense. For this to work people have to keep depositing fiat at MtGox. Otherwise they are limited by whatever fiat customers had on deposit at the time the withdrawal freeze started.

Don't you get it?
Canceled withdrawal is similar to a deposit, it makes available new money to buy their overpriced bitcoins. A canceled withdrawal is usually followed by a buy order, because people are desperate to get their money out of gox.
Also, some people are continuing to deposit money to MtGox despite their incompetence to handle withdrawals. If no one is depositing money to them,  there shouldn't be any reports of a deposit delay of more than 10 days.

That shows that some people still have confidence in MtGox. Actually I don't know why anyone would send money there because you can buy coins cheaper everywhere. Perhaps some people are just ignorant.

[bitcon]

they refunded/creditied me my unpaid withdrawals in about an hour from contacting them.

I find it very interesting that MtGox support is totally useless and give copypaste answers when asking about USD withdraws. If you just ask them if canceling a withdraw is possible then they go ahead and do it almost immediately if even if you just asked if it's an option and did not specifically ask them to do it. They seem very eager to have customers/suckers buy their over-priced BTC instead of sending them their USD.

Of course they are willing to do so, the more people buy their already overpriced bitcoins and sold them on Bitstamp, the larger the price gap between the two exchanges, the more profit they could make from doing arbitrage between the two. As the only USDs that could leave MtGox now is their own dollars, they have a monopoly on doing this. They could earn 10% profit doing every round of arbitrage. With this rate and without competition, they could double or even triple their money in a few months. Very sound business plan from MtGox!

They don't care about their reputation and their customers anymore because they know very well they are going to phase out due to all the much better competitors. Their focus is all on short-term quick profits before their inevitable shutdown.

the arbitrage isnt as great on virwox. only about $2 difference

[lambo]

they refunded/creditied me my unpaid withdrawals in about an hour from contacting them.

the arbitrage isnt as great on virwox. only about $2 difference

That's what I'm trying to figure out as far as getting the rest of my money from mt gox. I would buy bitcoins and transfer them to other exchanges to cash out but since Mtgox price fixes their bitcoins, I would lose $10 for every bitcoin I sold on another exchange! Is virwox an easy to use exchange like the others? I don't see their current prices of bitcoins listed anywhere, but I wonder what the closest priced exchange is after mtgox???