2014-02-04 Major Bitcoin Exchange Not Executing Withdrawals Now Owes Clients 38m

[kefky]

http:// falkvinge . net /2014/02/04/major-bitcoin-exchange-not-executing-withdrawals-now-owes-clients-38m-in-disappeared-money/

MtGox, the oldest and once-largest bitcoin exchange, appears to have a serious problem.

[1714919391]

1714919391

[odolvlobo]

Mt. Gox issued a statement:

Dear MtGox Customers,

As noted recently, we are currently experiencing a problem where some bitcoin withdrawals are not being transferred correctly, affecting a limited number of users. Currently the problem is being fixed, but many previous transactions did not go through over the past days. Those transactions have now been returned to customer accounts in full, so any transactions that appeared to be "stuck" should now be refunded.

This problem applies primarily to larger transactions, so we appreciate your patience as we fix the issue. Smaller transactions should be fine in the meantime, and we will update you on the status as soon as possible.

Thank you for your patience.

Best Regards,

MtGox Team

[seriouscoin]

Mt. Gox issued a statement:

Dear MtGox Customers,

As noted recently, we are currently experiencing a problem where some bitcoin withdrawals are not being transferred correctly, affecting a limited number of users. Currently the problem is being fixed, but many previous transactions did not go through over the past days. Those transactions have now been returned to customer accounts in full, so any transactions that appeared to be "stuck" should now be refunded.

This problem applies primarily to larger transactions, so we appreciate your patience as we fix the issue. Smaller transactions should be fine in the meantime, and we will update you on the status as soon as possible.

Thank you for your patience.

Best Regards,

MtGox Team

What a BS statement. What transactions are considered large? 5btc?

Because i just tried to withdraw 5btc and nothing. Same problem of not showing on blockchain. Fck you Gox.

[dancingnancy]

They owe us bitcoinica users about 60k BTC.. why no press coverage??

[kefky]

Bigger bitcoin amounts need more bandwidth or what? 

This problem applies primarily to larger transactions

[zby]

Bigger bitcoin amounts need more bandwidth or what? 

This problem applies primarily to larger transactions

They don't have enough bitcoins for the bigger bitcoin transfers.

[dserrano5]

What a BS statement. What transactions are considered large? 5btc?

Because i just tried to withdraw 5btc and nothing. Same problem of not showing on blockchain. Fck you Gox.

There are people in #mtgox with failed 0.25 BTC withdrawals. So the "smaller is better" is total BS.

[No_2]

Some friend's transactions are backed up for over six days and my tiny withdrawal is not showing up after 40 minutes :/

Think I'm totally done with MTGOX now.

Bring on exchange decentralisation.

[Peter Lambert]

What? People are still using MtGox?

[No_2]

What? People are still using MtGox?

For my sins.

Only had a tiny bit in there.

[nairb131]

Hearing thing like this make me glad I could never get money into Gox.

[Tirapon]

How does Gox still exist? I discovered Bitcoin in 2012 and I never used Mt Gox due to the bad reviews on this forum. I am still hoping they might add LTC support though 

[yayayo]

It's impressive how fast the once dominating exchange loses market share.

I think Gox's days are definitely over. Hopefully the other operators don't repeat the same mistakes.


ya.ya.yo!

[dave111223]

It's impressive how fast the once dominating exchange loses market share.

On the contrary I'm surprised they still have as much market share as they do.  They still have like 25% market share; how they heck did they manage to maintain that much when they haven't had working withdrawals for more than 6 months.

[DeathAndTaxes]

It's impressive how fast the once dominating exchange loses market share.

On the contrary I'm surprised they still have as much market share as they do.  They still have like 25% market share; how they heck did they manage to maintain that much when they haven't had working withdrawals for more than 6 months.

Simple you can't withdraw Bitcoins either now.  You can withdraw dollars, you can't withdraw Bitcoins.  I guess there solution is to force everyone to trade until the entire balance is converted to trading fees.  Problem solved. 

[seriouscoin]

It's impressive how fast the once dominating exchange loses market share.

On the contrary I'm surprised they still have as much market share as they do.  They still have like 25% market share; how they heck did they manage to maintain that much when they haven't had working withdrawals for more than 6 months.

Simple you can't withdraw Bitcoins either now.  You can withdraw dollars, you can't withdraw Bitcoins.  I guess there solution is to force everyone to trade until the entire balance is converted to trading fees.  Problem solved. 

How does BitSimple work? its not an exchange but its not localbitoins? so how do we trade on it?

Does it work with any banks in NA?

[No_2]

Down for me is reporting MTGOX is not up.

Can anyone shed any light on this:

http://www.downforeveryoneorjustme.com/www.mtgox.com

[bryant.coleman]

Can Mt Gox users withdrew their money in the form of BTC? I think only the fiat withdrawals are on hold.

[No_2]

Here is another news item. Not sure how to verify this though:

http://forexmagnates.com/is-mtgox-the-latest-to-experience-collateral-damage-from-silk-road/

[PhydeauxLeChien]

Can Mt Gox users withdrew their money in the form of BTC? I think only the fiat withdrawals are on hold.

BTC withdrawals have been intermittent at best for more than a week.