Mt.Gox Withdraw Freeze - Day 40

[zackron]

Today marks day 40 of Mt. Gox's withdraw freeze for all non-eletronic currencies.  For the past 40 days, at least that I can personally verify, MtGox has been informing anyone who has requested an international transfer of funds in any currency other than bitCoins that their withdraw's are being manually done.  However, no one at all has received their money.

If you are sending Mt.Gox currency to buy bitCoins you are probably safe, as, at least for now, MtGox appears to be honoring bitCoin withdraws.  However, all users who send bitCoins intending to sell them for real currency should be advised that MtGox appears to be in an indefinite hold, and that it may take several months for your withdraw to be honored, if at all.

Hopefully this freeze will be over soon, and Mt Gox will return to it's position as a leader in the bitCoin exchange market.  I'll keep you updated.

[sasuke234]

Only use Gox with extreme caution.

[zackron]

Only use Gox with extreme caution.

I know that now.  I just wish I knew that before.  With any luck, others will learn how dangerous and deceptive MtGox can be before they find themselves in the same situation.

[Nagle]

Today marks day 40 of Mt. Gox's withdraw freeze for all non-electronic currencies. 

We're way past day 40.  The "hiatus on withdrawals" started on June 20, 2013. This is day 90.

90 days is an important milestone. As a rule of thumb, a business creditor that's 90 days behind will probably never pay without coercion.

There are ways to apply pressure to Mt. Gox.  If Mt. Gox owes you money, file complaints with the Japan Financial Services Agency, the US Securities and Exchange Commission, the small claims court in Delaware, and the Japan Payment Service Association (website for complaints: www.s-kessai.jp). Contact reporters at Forbes, Business Week, the Wall Street Journal, and Nikkei Sangyo Shimbun.

If you're out of Mt. Gox but paid a premium to get out, a suit in Delaware Small Claims Court for any extra fees you paid might be useful.

[zby]

Today marks day 40 of Mt. Gox's withdraw freeze for all non-electronic currencies. 

We're way past day 40.  The "hiatus on withdrawals" started on June 20, 2013. This is day 90.

90 days is an important milestone. As a rule of thumb, a business creditor that's 90 days behind will probably never pay without coercion.

There are ways to apply pressure to Mt. Gox.  If Mt. Gox owes you money, file complaints with the Japan Financial Services Agency, the US Securities and Exchange Commission, the small claims court in Delaware, and the Japan Payment Service Association (website for complaints: www.s-kessai.jp). Contact reporters at Forbes, Business Week, the Wall Street Journal, and Nikkei Sangyo Shimbun.

If you're out of Mt. Gox but paid a premium to get out, a suit in Delaware Small Claims Court for any extra fees you paid might be useful.

From the Delaware Small Claims Court page: "The most you can ask for in a small claims case is $15,000" - just noting.

[bitcoin44me]

The freeze will never be history. Why anyone is still using mt.gox?
I don't ge tit

[Nagle]

From the Delaware Small Claims Court page: "The most you can ask for in a small claims case is $15,000" - just noting.

Right. Beyond that, you need a lawyer and have to go to Delaware's Chancery Court, where multibillion dollar corporate cases are routinely decided. If Mt. Gox owes you more than $15K, you probably do need a lawyer. However, for amounts up to $15,000, there's a small claims court option.

My point here is that you don't have to just bend over and take it from Mt. Gox. There are ways to compel them to pay up.

[posormo]

From the Delaware Small Claims Court page: "The most you can ask for in a small claims case is $15,000" - just noting.

Right. Beyond that, you need a lawyer and have to go to Delaware's Chancery Court, where multibillion dollar corporate cases are routinely decided. If Mt. Gox owes you more than $15K, you probably do need a lawyer. However, for amounts up to $15,000, there's a small claims court option.

My point here is that you don't have to just bend over and take it from Mt. Gox. There are ways to compel them to pay up.

Just curious why a Japanese court would give two shits about an American small claims court case?

[joesmoe2012]

From the Delaware Small Claims Court page: "The most you can ask for in a small claims case is $15,000" - just noting.

Right. Beyond that, you need a lawyer and have to go to Delaware's Chancery Court, where multibillion dollar corporate cases are routinely decided. If Mt. Gox owes you more than $15K, you probably do need a lawyer. However, for amounts up to $15,000, there's a small claims court option.

My point here is that you don't have to just bend over and take it from Mt. Gox. There are ways to compel them to pay up.

Just curious why a Japanese court would give two shits about an American small claims court case?

Delaware's not in japan. The US govt has already seized some gox funds. If a case were won in Delaware, the funds could potentially be accessed from the seizure. However I'm not sure any of all that is necessary, people will get their funds, just give it time.  

[Nagle]

Delaware's not in japan. The US govt has already seized some Gox funds. If a case were won in Delaware, the funds could potentially be accessed from the seizure.

Yes, especially if you make the argument that under the Japan Payment Services Act, you're a secured creditor and some of the seized money is not just owed to you, it's actually yours.

However I'm not sure any of all that is necessary, people will get their funds, just give it time.

After 90 days, that's wishful thinking.