MtGox - Dwolla Problems?

[semyazza]

Does anyone know if MtGox is currently having problems with Dwolla transfers?  Still haven't received my transfer from yesterday and they usually have it to us in a couple of hours.

[Litt]

My withdrawal today didn't go through within about 10 minutes or less like it normally does. I submitted a ticket today, so I'll update here and let you know how that goes?

[semyazza]

My withdrawal today didn't go through within about 10 minutes or less like it normally does. I submitted a ticket today, so I'll update here and let you know how that goes?

Sounds great.  We are usually very happy with MtGox withdrawal times which is why we are concerned.

[Litt]

Well I just received a reply to my ticket which was rather quick. 

They just responded that they are funding the account and it will process as soon as that is done.
I did suspect that their account needed to be filled up again and seems I was right.

I never had any issue getting my Dwolla withdrawal from them within minutes and this was the first time I had such issue.
Should be fixed in a few days and I'm sure you'll hear from them soon if you contacted them.

[Mt.Gox Support]

Currently, dwolla withdrawals are delayed due to insufficient funds in our dwolla account. We have transferred funds to our dwolla account to resolve this issue. All pending withdrawals will be processed within 2-5 days. We apologize for any inconvenience caused and thank you for your patience through this matter. If customers are in urgent need of the funds, please contact Mt.Gox Support and we will cancel the transaction.

[Litt]

Just wanted to update the thread for others. MtGox just updated my ticket again and sent the deposit today. Took 1 day total to follow up and solve this. 

This means that they've filled the Dwolla account up and others should have their funds shortly as well.

[WiseOldOwl]

My Dwolla transfer has not gone through.
This doesn't make sense, If Dwolla is your main funding method by far, how are you empty in the account??
This is unacceptable for the biggest exchange, I just plain am a little pissed off.

[WiseOldOwl]

Actually, MtGox you need to tell us in advance when you see something like this happening. Period.
I wouldn't expect in a 1,000 years you could be foolish enough to let this happen.
Please please process my withdraw, Its only 1K USD, you guys should have that at the very least.

[hmongotaku]

their too busy playing around in bitcoinica i bet to have 1k usd.

[Mt.Gox Support]

We apologize for the delay. Due to a large number of Mt.Gox users having their accounts unfrozen, we experienced a large volume of withdrawals that was above the our average amount.

[TyGrr]

This has me a bit worried too. And also the part about frozen accounts? What is going on here? I think it is safe to say that without Mt. Gox bitcoins will lose about 90% of their value overnight.

[Mt.Gox Support]

This has me a bit worried too. And also the part about frozen accounts? What is going on here? I think it is safe to say that without Mt. Gox bitcoins will lose about 90% of their value overnight.

In response to increased incidence of phishing and hacking attempts made against Mt.Gox and its users, stricter security precautions have been implemented to protect our users and their funds. Should suspicious activity be detected in relation to an Mt.Gox account, the ability to withdraw funds will be temporarily suspended until it can be confirmed that the owner of the account is in fact still in control.  Please login onto the Mt.Gox page and visit https://www.mtgox.com/forms/verification to start the identification process.

[Jonathan Ryan Owens]

This has me a bit worried too. And also the part about frozen accounts? What is going on here? I think it is safe to say that without Mt. Gox bitcoins will lose about 90% of their value overnight.

In response to increased incidence of phishing and hacking attempts made against Mt.Gox and its users, stricter security precautions have been implemented to protect our users and their funds. Should suspicious activity be detected in relation to an Mt.Gox account, the ability to withdraw funds will be temporarily suspended until it can be confirmed that the owner of the account is in fact still in control.  Please login onto the Mt.Gox page and visit https://www.mtgox.com/forms/verification to start the identification process.

In response to increased incidence of large withdrawals and large losses sustained by Mt.Gox, stricter security precautions have been implemented to shore up our accounts. Should any activity at all be detected in relation to an Mt.Gox account, the ability to withdraw funds will be suspended indefinitely, and we will use AML and poor customer service to sand bag and stretch out the time it takes to check your identity against various readily available financial services blacklists. Please login onto the Mt.Gox page and visit https://www.mtgox.com/forms/verification to start the identification process. Your countless emails will mostly go unnoticed, with the exception of a few of you who 'raise a stink' on these boards, in which case we'll appease you with quick replies. We'll likely unlock a few accounts to give the appearance of liquidity, but in reality we're planning our exit strategy and plan to be untraceable by the end of October. Thank you for your patience.

FTFY

[dust]

We'll likely unlock a few accounts to give the appearance of liquidity, but in reality we're planning our exit strategy and plan to be untraceable by the end of October. Thank you for your patience.

FTFY

I will bet up to 100BTC against this claim.  Your posts have been very critical of mtgox.

[Jonathan Ryan Owens]

We'll likely unlock a few accounts to give the appearance of liquidity, but in reality we're planning our exit strategy and plan to be untraceable by the end of October. Thank you for your patience.

FTFY

I will bet up to 100BTC against this claim.  Your posts have been very critical of mtgox.

You'd have to find a counterparty for your bet, and unfortunately it seems that a very large % of those who would like to take you up on your offer have their coins.. dun dun dun.. locked up at MtGox.

I'm sorry you don't like me being critical of MtGox, but it seems that there are very few people willing to put themselves out there to state publicly what A LOT OF PEOPLE are thinking, and discussing in private.

Perhaps mine is a bit of a blunt approach? I'm sorry that you don't like it. If I had access to my account at MtGox, I'd take you up on that offer, up to 30 bitcoins worth.

I'm critical because it is becoming clear to many that MtGox has some potentially significant problems, and the convenient timing of AML requests for all accounts large and small, along with sandbagging and incredibly inept customer service makes it clear that there is a problem in Tokyo.

Even if I am wrong about their liquidity, I am absolutely correct in implicating MtGox in shoddy business practices that are currently having a significant negative effect on the price and utility of Bitcoin in general. Why aren't you more upset?

If I'm wrong I'll be the first to admit it.

-Jonathan

[TyGrr]

Making the bet in bitcoins is silly, If he is right, then the coins are more or less worthless. If he is wrong you have to pay him valued bitcoins...

[repentance]

Even if I am wrong about their liquidity, I am absolutely correct in implicating MtGox in shoddy business practices that are currently having a significant negative effect on the price and utility of Bitcoin in general. Why aren't you more upset?

If I'm wrong I'll be the first to admit it.

-Jonathan

There is no way that declining Bitcoin prices aren't having a significant impact on the financial health of the exchanges.  It's unlikely that any of them have huge reserves on which they can fall back while they wait for prices and volume to increase because all of them are fairly new businesses who had a limited amount of time to rake in large amounts of fees before the price of Bitcoin started falling.  What we can't know is how long each of them can hold out financially at lower revenue levels.  For all of them, there's a point at which they'll no longer be breaking even and that's when they'll need to decide whether to cease operation before user funds are put at risk.  I'm not sure that I trust any of them to recognise when the moment to make that decision has arrived.

[Mt.Gox_Natalie]

Dwolla transfers are now functioning well after funds have been added to our Dwolla account.  Should you have any Dwolla withdrawals that have not been received, please contact us by submitting a ticket at the Mt.Gox Support Desk (https://support.mtgox.com/home), and  we will look into your transaction for you.  Thank you for your patience and continued support to Mt.Gox.

[Jonathan Ryan Owens]

My breakfast..