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Author Topic: Intersango insolvent?  (Read 12128 times)
icicle
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November 02, 2013, 10:02:30 PM
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When was the last time anyone successfully withdrew any amount from Intersango? I am having terrible trouble getting my bitcoins out of there.

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November 02, 2013, 10:03:18 PM
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I thought they died a long time ago?  Undecided

icicle
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November 03, 2013, 01:01:25 AM
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Yeah, though they didn't tell me. I'm thinking mine were the last bitcoins left and they thought I wouldn't be wanting them.

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November 03, 2013, 04:26:36 AM
 #4

Just found a credit report that shows a CCJ (county court judgement) in the UK. I also see the accounts were not audited, something I should have thought was important if they were taking deposits.

And, Amir Taaki is listed as a shareholder. That can't be correct can it? He just told me he wasn't.

And the accounts were late being filed.

Something's wrong here. If it wasn't for the fact Intersango are ignoring my requests to transfer my bitcoins out of there, I would assume it was my data.

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November 03, 2013, 08:27:59 AM
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When was the last time anyone successfully withdrew any amount from Intersango? I am having terrible trouble getting my bitcoins out of there.

2013/10/01 both paid in and received BTC. Can not get fiat in though and do not know viability of exchange. Will have to wait and see what happens before dealing with them again. reg.
ps: no response to ticket asking what "delayed" means under BTC withdrawal in fee's section?
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November 03, 2013, 01:48:10 PM
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When was the last time anyone successfully withdrew any amount from Intersango? I am having terrible trouble getting my bitcoins out of there.

Read up on the "people" pushing the "service" you're using before you hand over BTC. Continuing to divert funds to the incompetent is a bad move.

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November 03, 2013, 04:15:55 PM
 #7

Oh I've been reading, believe me. Strateman won't let me get $10k of bitcons back out. Its very sad actually as I need the money for an operation for my daughter's dog.

He knows all about it and still won't hand the bitcoins over so I got to wondering if he had actually spent my $10k on his defense in San Francisco.

I mean, I'm an English woman living in the US who left a small amount with him long ago and never traded it. It grew into $10k and he might have thought I'd forgotten about it or that nothing would happen to him if he took it.

I'm interested to note that as recently as early October, Intersango was still functioning.

Or maybe he is selective in his thieving? On the face of it I would have looked like a good target - foreign, miles away (he thinks). Either way, he is a week over the deadline my husband gave him so I guess it is time to report a crime.



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November 07, 2013, 06:15:14 PM
 #8

I did a successful BIC withdrawal from Intersango.
Amount: between 1 and 2 BTC
Withdrawal requested: 4 nov 2013
Withdrawal received: 7 nov 2013

Their support page says they can't give any ETA(*) for withdrawals. How can that possibly be? Even if they manually process all withdrawals, they can still look at the size of the request queue, right?

I have a different theory: I think they're funding withdrawals with the bitcoins from incoming funds. Since they can't know when (or if) incoming funds arrive, they can't estimate when (or if) they'll be able to process withdrawals. Makes sense, right?

It would mean that Intersango is effectively doing a sort of fractional reserve banking(**), without the users' knowledge or consent, and probably without a license as well. I wonder where the funds have gone...

This also means that the last people to leave the place won't get their funds back; they'd better contact each other and collect as much data as possible right now, so they might collectively sue Intersango if it turns out that I'm right.

Anyway, I feel lucky to get my funds out of that place.

(*) Estimated Time of Arrival
(**) Or you could call it a Ponzi scheme. Interestingly, there seems to be a similarity between the two.

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icicle
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November 08, 2013, 01:02:50 AM
 #9

I did a successful BIC withdrawal from Intersango.
Amount: between 1 and 2 BTC
Withdrawal requested: 4 nov 2013
Withdrawal received: 7 nov 2013

Their support page says they can't give any ETA(*) for withdrawals. How can that possibly be? Even if they manually process all withdrawals, they can still look at the size of the request queue, right?

I have a different theory: I think they're funding withdrawals with the bitcoins from incoming funds. Since they can't know when (or if) incoming funds arrive, they can't estimate when (or if) they'll be able to process withdrawals. Makes sense, right?

It would mean that Intersango is effectively doing a sort of fractional reserve banking(**), without the users' knowledge or consent, and probably without a license as well. I wonder where the funds have gone...

This also means that the last people to leave the place won't get their funds back; they'd better contact each other and collect as much data as possible right now, so they might collectively sue Intersango if it turns out that I'm right.

Anyway, I feel lucky to get my funds out of that place.

(*) Estimated Time of Arrival
(**) Or you could call it a Ponzi scheme. Interestingly, there seems to be a similarity between the two.


You did a successful withdrawal today?? WOW.

I think your theory has merit, although I'm wondering who on earth is sending in funds. It is well known I'm wanting 51 bitcoins and change, and I'm still locked out so maybe its my funds you are all getting sent? I put in a support ticket almost three weeks ago. Got asked for ID, sent it the exact same day, heard nothing. He closed a duplicate ticket though on the 27th, so I know he knows all about it and how urgent it is.

Now you can't even put in a support ticket. Its just a 504 error.

Time to start rattling a few cages, methinks Smiley


[Edited to add] It just occurred to me, Cjp, that if you are right, a Bitcoinica type 'hack' at Intersango should be on the cards.

[Edited again to add] And it also explains why users have had to sneak their balance out one bitcoin at a time :/

It would appear he is insolvent. Why else would you kill someone's dog? And in public???

[Edited yet again to add] And also, if what you think is correct, another comfirmation besides a hack would be his lawyer dumping him. She knows a customer from Intersango is missing $10k of bitcoins (more like $15k now) because I copy her in. At least, the lawyers I know would dump a client under those circumstances.


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December 06, 2013, 02:42:43 PM
 #10

Hi, I'm new here, but this topic is of interest to me.

I have sent InterSango SEPA funds that arrived on the 14th Sept, 27th Oct and Nov 21st.

I have withdrawn BTC on the 7th Nov, 21st Nov and 30th Nov.

The service was slow, with one SEPA deposit taking 9 days.  Their website says that SEPA transfers are weekly, so a delay of up to 10 days is feasible, I guess...  So far, I have had no concerns other than timeliness.

Are there still outstanding cases of missing funds?  Icicle, are you still waiting?



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December 10, 2013, 06:25:46 PM
 #11

I have been an Intersango customer for several years.

Intersango may be slow to respond (it's one guy, involved in many projects and is also a bitcoin dev), but I have never seen any evidence of them being insolvent or doing anything nefarious.

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December 17, 2013, 01:54:44 PM
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Waiting weeks on a EUR withdrawal, no response at all to support ticket.

Am I better off waiting on, or trading for BTC and trying to get the BTC back out?
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December 17, 2013, 06:19:13 PM
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weeks waiting for my EUR deposit Sad
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December 17, 2013, 08:33:30 PM
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I brought bitcoin's via britcoin in 2011. They got transferred across to intersango, i have raised serveral tickets which keep getting deleted or saying not authorised after a while. To many my coins have been stolen as i have had no contact in the last month in trying to get my coins back.... Can anyone help?
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December 24, 2013, 01:32:15 PM
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Hello,
I recently found out I had some bitcoins left in the site and requested a withdrawal a week ago that hasn't made it yet. Any news on the situation?

Thanks.
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January 04, 2014, 01:31:00 PM
 #16

Much to my surprise, my EUR withdrawal was processed 4 days ago and is in my account now.

Took them 6 weeks and they ignored my support ticket, but they did it eventually.
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January 14, 2014, 10:23:59 AM
 #17

Much to my surprise, my EUR withdrawal was processed 4 days ago and is in my account now.

Took them 6 weeks and they ignored my support ticket, but they did it eventually.

Well perhaps there is hope then. I have a (significant) amount of bitcoin on Intersango which I have been trying to withdraw since late November.
Two support tickets.
Direct email to Strateman.
No response...

-
And to think - I used to recommend Intersango to other people...

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January 14, 2014, 04:52:39 PM
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Took them 6 weeks and they ignored my support ticket, but they did it eventually.
Well perhaps there is hope then. I have a (significant) amount of bitcoin on Intersango which I have been trying to withdraw since late November.
Two support tickets.
Direct email to Strateman.
No response...
-
And to think - I used to recommend Intersango to other people...
Wasn't there a class-action against them?

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January 15, 2014, 09:24:14 AM
 #19

Hi,

Well, they say 'hot wallet operating at extremely small amount', so I submitted several withdrawal requests of increasing amounts so that they could use these request to select an amount you could manage. Instead, they cancelled them all and changed the system so that only one request was possible at a time. I requested what I actually wanted [10 BTC] in December.  They have not honoured this request.

Has anyone managed to get any funds [EUR or BTC] since December?
 
Does anyone have any advice or an acceptable strategy on how best to proceed with withdrawing funds?

Thanks in advance.
horsebox1
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January 15, 2014, 11:27:49 AM
 #20

Has anyone managed to get any funds [EUR or BTC] since December?

Yes I have. As above, my EUR SEPA withdrawal was processed.

I was waiting six week or more, they ignored all my tickets and communications, but when I logged in one day the status had moved to 'processed' and then I checked the bank and it was in there.

So it seems like they have not abandoned ship or anything, but nevertheless they are terrible. I wont deal with them again thats for sure.
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