blockchain.com - new scam - holding bitcoins for 7 days

[mm557788]

4 hours ago I bought BTC on blockchain.com as always. My account is fully verified. I got BTC instantly to my BTC Trading Wallet. But when I want to send them to My Bitcoin Wallet, there is an error "Your Bitcoin transaction failed to send. Please try again."

What to do? I need to use my bitcoins asap...

https://1iq.cz/img/FrMQ4/Vj3sc.png

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[AB de Royse777]

Not sure what is causing the error, maybe some restriction applied there like only after x hours/days, you can move the coins if you brought using credit card. Please check their terms and conditions.


There is an alternative way (not sure if they still give 12 words the passphrase). Using the passphrase you can restore the wallet using Electrum or any other client and manage your coins.

[o_e_l_e_o]

There is an alternative way (not sure if they still give 12 words the passphrase). Using the passphrase you can restore the wallet using Electrum or any other client and manage your coins.

The "Trading Wallet" is a custodial wallet where blockchain.com control the keys, so restoring from the passphrase will not help in this case. OP is trying to send the coins from this custodial wallet to the wallet which is backed up by his seed phrase.

Because you are transferring between wallets, this will generate a transaction which has to be broadcast to the network. Such a transaction cannot have zero fees. You'll need to change that to pay an appropriate fee. Be aware that the mempool is pretty backlogged at the moment so if you really need to make the transaction soon then you will have to pay a significant fee, in the region of 80-100 sats/vbyte.

[mm557788]

Thank you for replies. Transfers from trading wallets are allowed only to my own wallets from blockchain.com and there is no way to set a value of transaction fee. Please see https://1iq.cz/img/FrMQ4/4Ek4c.png

[AB de Royse777]

The "Trading Wallet" is a custodial wallet where blockchain.com control the keys, so restoring from the passphrase will not help in this case. OP is trying to send the coins from this custodial wallet to the wallet which is backed up by his seed phrase.

Make sense and I missed it. In fact, I was not aware about it. The last time when I used blockchain.com wallet, I am sure there were no such things, of course it was long ago.

[JeromeTash]

This is something the blockchain.com support should be able to assist you with. It looks like an internal error from their system. Try submitting a request to their support using this link: https://support.blockchain.com/hc/en-us/requests/new. Select request type as Product Problems: Sending, Receiving, Settings, and Other Wallet, Lockbox, or Block Explorer Related Questions

[revv]

Having the same problem

[joniboini]

Having the same problem

We can't do much here. Seeing that OP no longer ask for solution, you probably need to wait a few hours/day before you are allowed to move your coins. If you still can't do that, create a ticket. Blockchain is the only one who can help (if they want to).

[mm557788]

Now I can see a message saying: Your BTC will be available to be withdrawn within 7 days.
I feel scammed...all times before it was instant so when I know this, I would never use this service. Will close my account when funds released..
And guess what about support and my ticket... 30 hours with no reply!

[bitmover]

Now I can see a message saying: Your BTC will be available to be withdrawn within 7 days.
I feel scammed...all times before it was instant so when I know this, I would never use this service. Will close my account when funds released..
And guess what support and my ticket. 30 hours with no reply!

You shouldn't use blockchain.com, as it is one of the worst service providers in the ecosystem. They are not scammers, but they are inneficient, unsafe, require a lot of KYC, do not respect privacy, etc...

You should look for big exchanges, like coinbase, binance, kraken, bitstamp... and once you buy the bitcoin using your credit card/bank transfer you should immediatelly withdraw the money to your wallet (It is best to use a hardware wallet, such as ledger or trezor. I highly recommend that).

[bL4nkcode]

Now I can see a message saying: Your BTC will be available to be withdrawn within 7 days.
I feel scammed...all times before it was instant so when I know this, I would never use this service. Will close my account when funds released..
And guess what about support and my ticket... 30 hours with no reply!

For what reason they held your money for 7 days? That's too long imo just because you bought bitcoin there.

Their support and the quality of their service is worst than I thought.

[logfiles]

I feel scammed...all times before it was instant so when I know this, I would never use this service. Will close my account when funds released..
And guess what about support and my ticket... 30 hours with no reply!

Good decision and Lesson learned. Blockchain.com is shit and I advise newbies to avoid such custodial wallets. They will take hostage of your money without providing any appropriate reason and you can do nothing about it.

[aioc]

Now I can see a message saying: Your BTC will be available to be withdrawn within 7 days.
I feel scammed...all times before it was instant so when I know this, I would never use this service. Will close my account when funds released..
And guess what about support and my ticket... 30 hours with no reply!

For what reason they held your money for 7 days? That's too long imo just because you bought bitcoin there.

Their support and the quality of their service is worst than I thought.

I have coins in this wallet they claimed to have thousands of users if many people will complaint with similar issues they will lose a lot of users, at present my account with them are ok but I don't want to experience that issues I might transfer all my accounts to a better wallet probably a non custodial one.

[AB de Royse777]

I have coins in this wallet they claimed to have thousands of users if many people will complaint with similar issues they will lose a lot of users, at present my account with them are ok but I don;t want to experience that issues I might transfer all my accounts to a better wallet probably a non custodial one.

Moving your coins to a non-custodial wallet will the best choice you will make. Hot wallets like Blockchain.com do not give you full control of your coins besides you are trusting them with your coins. Why would you do that when you are into Bitcoin?

[sunsilk]

This is another reason why it's better to use another wallet or exchange if you want to purchase bitcoin. It is on their terms, the minimum holding periods section.

5.2.2 Minimum Holding Periods

When you place purchase orders in the Trading Wallet, we may impose minimum holding periods in respect of any Virtual Currency that you have purchased which may last up to a maximum of 7 days. These minimum holding periods are necessary to enable us to carry out effective fraud prevention measures and to ensure that the fiat currency leg of any given transaction has settled. After this minimum holding period elapses, you may trade your Virtual Currency in the ordinary way.

[ReiMomo]

Now I can see a message saying: Your BTC will be available to be withdrawn within 7 days.
I feel scammed...all times before it was instant so when I know this, I would never use this service. Will close my account when funds released..
And guess what about support and my ticket... 30 hours with no reply!

The reason why I did not use a web wallet at all.

I never use this web wallet because I heard a lot of issues back then. Fully open-source wallets are much better to store your bitcoin or Electrum because it has a feature of supporting the Lightning Network which is you can reduce the fees.

Good thing you have been learn from this mistake and I hope others will do.

[mersal]

This is another reason why it's better to use another wallet or exchange if you want to purchase bitcoin. It is on their terms, the minimum holding periods section.

5.2.2 Minimum Holding Periods

When you place purchase orders in the Trading Wallet, we may impose minimum holding periods in respect of any Virtual Currency that you have purchased which may last up to a maximum of 7 days. These minimum holding periods are necessary to enable us to carry out effective fraud prevention measures and to ensure that the fiat currency leg of any given transaction has settled. After this minimum holding period elapses, you may trade your Virtual Currency in the ordinary way.

I never bought Bitcoin using blockchain wallet but I did used their swap features from ETH to BTC and few other cryptos which was almost instant and no minimum holding periods for it,but now blockchain turned into a crap and showing lot of errors like insufficient balance, unknown errors, login issues and much more.Why someone using blockchain for buying bitcoin there are lot more better options available...

[sunsilk]

~snip~

I never bought Bitcoin using blockchain wallet but I did used their swap features from ETH to BTC and few other cryptos which was almost instant and no minimum holding periods for it,but now blockchain turned into a crap and showing lot of errors like insufficient balance, unknown errors, login issues and much more.Why someone using blockchain for buying bitcoin there are lot more better options available...

They are adding many features on their platform and even altcoins. What is awkward is that, if OP bought bitcoin on their wallet through "buy and sell" feature then it has to be on the wallet and not with the trading wallet. Well, they should have consider modifying that 7-day rule.

I've found this article of theirs which also talks about the 7-day holding period.

Why can't I withdraw my crypto?

What is the 7-day holding period?
If you recently bought crypto, your purchase may be subject to a 7-day holding period. During this time, you will still be able to use your recently purchased funds to fund additional buy orders, sell orders, and Swap trades (coming soon); however, these funds will not be available to withdraw or send to your non-custodial wallet.

Why am I subjected to it?
If you purchased crypto via card or if we detect security issues or abnormal activity on your account, we may place a 7-day holding period on your recent crypto purchase for security. For credit card orders, this is done to give the funds time to clear so that we can accept more card payments and serve more customers. Rest assured, your purchase went through and your funds will be available for withdrawal as soon as the holding period is up!

Can I expedite my withdrawal?
At this time we don’t have any way for you to speed up your withdrawal or cut down on the holding period. We are always working on improving our products, so keep an eye out for future changes!

Source: https://support.blockchain.com/hc/en-us/articles/360048200392-Why-can-t-I-withdraw-my-crypto-

[mm557788]

I could accept 7 day period, when they tell me before purchase..but what is happening here is too much..

1) there was no abnormal activity on my account - same IP address as always, same device as always, same credit card as always, always 2FA enabled (SMS + email), fully verified account
2) no alert of 7 day period in first 24 hours after purchase, just error "Your Bitcoin transaction failed to send."
3) support ticket is 5 days without any reply!!
4) today I am able to transfer 0.15 USD from trading wallet with message "Your available balance is 0.00001289 BTC. The remaining balance will be available to be withdrawn within 7 days." - WTF?
5) FAQ article "Why can't I withdraw my crypto?" found by sunsilk was created 3 days ago (27/08/2020 20:59) - so they were already holding money without any explaining in their FAQ


This is the worst service ever..

[coupable]

I never bought Bitcoin using blockchain wallet but I did used their swap features from ETH to BTC and few other cryptos which was almost instant and no minimum holding periods for it,but now blockchain turned into a crap and showing lot of errors like insufficient balance, unknown errors, login issues and much more.Why someone using blockchain for buying bitcoin there are lot more better options available...

Simply because blockchain web-wallet built a good reputation during a long period of time, and even after, it was easy to make swaps using shapeshift without further requirements. By lunching their exchange platforms, most of registrants are already wallet users. I can guess that most of them didn't read TOS, as they didn't also look for an alternative.