Later that month, Mt. Retrieved 10 February Bankruptcy delays Death Spiral Continues". Mtgox filed for bankruptcy protection in the US, to temporarily halt U. One creditor supporting delays committee is Kolin Burges, a Bitcoin software bitcoin and cryptocurrency investor who had bitcoins at Mt. Hero Member Offline Posts: For example, submissions like "Buying Mtgox or "Selling my computer for bitcoins" do not belong here.
Bitcoin is the currency of the Internet: I've never seen it take longer than 3 weeks, usually less than a week. Gox to hire more professional technical staff. All about their news and everything you hear indicates that they have some very deep problems, and just trusting that because Euro withdrawals are working now that they'll still work in a month is very dangerous. And although the Mt. I mean, it is just numbers in a database until they want to withdraw it, right?
Still no answer from customer service after 24hours. The Gathering Online" cards like stocks. Gox files mtgox bankruptcy protection". A spokesman for John Betts, who was part of the Sunlot investment group, declined to comment on the status of the sale. CoinLab has been struck off bitcoin corporate registry in Washington state. Gox shakes Bitcoin delays.
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So I've been waiting and waiting and waiting as have many others. It's been 3 months today since my withdrawal request went in for an international wire transfer and it is still yet to be processed! I have contacted MTGox multiple times and have been given the same spiel everytime regarding large backlogs and that patience is required etc. A lot of people are doing this. I converted all my cash to coins on mtgox at about , withdrew them all, and sold them immediately on coinbase at Money was in my bank account in a couple of days.
It literally just takes a few minutes from you cancel your withdrawal until you have the money in your account. At least it did so for me.
They are not broke or insolvent, they are just without compliance and bank to do USD transfers. Annoying as EUR transfers are going through. This doesn't prove that they aren't insolvent.
If they were made insolvent by the DHS confiscation, then it's not bitcoins that were confiscated, so they could still allow people to withdraw bitcoins freely. I haven't tried it recently, but it should only take a business day or two. Let me know if it takes longer than that. Especially after all of the horror stories in the last couple of years about how some shady service stole people's money.
People need to be more careful, and they should not blindly trust Gox's claim that they have no financial issues. Going forward, if the amount of money isn't too large, just use another service like Coinbase. Waiting on verification for a BitStamp account as they say they can handle UK banks, and waiting for MtGox to cancel my withdrawal Today is the big day for me i withdraw all my bitcoins with one web. Easy and simple to use www. Sounds good, on reflection I regret giving all of my personal details to Mtgox and then bitstamp Interested to know if there is anyone out there who has been waiting for a long time such as I have, but recently received their transfer?
May end up transferring to somewhere else though I waited for a month and a half and gave up asking to cancel. Buying bitcoin and moving to fiat via coinbase works. I think insolvency is a serious concern. The only thing that would convince me otherwise would be for Gox to release a statement from an auditing firm vouching for their solvency. Um, yeah , when the Dwolla account closure happened I got my money out via buying bitcoin a couple days later.
It was pretty clear which way things were going at that point. Still no answer from customer service after 24hours. When you think about it, everything about mtgox sucks. You people don't wanna deal with gox they are full of shit. On 19 June , a security breach of the Mt. Gox bitcoin exchange caused the nominal price of a bitcoin to fraudulently drop to one cent on the Mt.
Gox exchange, after a hacker allegedly used credentials from a Mt. Gox auditor's compromised computer to transfer a large number of bitcoins illegally to himself. He used the exchange's software to sell them all nominally, creating a massive " ask " order at any price. Within minutes the price corrected to its correct user-traded value.
Gox still had control of the coins, the move of , bitcoins from "cold storage" to a Mt. Gox address was announced beforehand, and executed in Block In October , about two dozen transactions appeared in the block chain Block  that sent a total of 2, BTC to invalid addresses. As no private key could ever be assigned to them, these bitcoins were effectively lost. While the standard client would check for such an error and reject the transactions, nodes on the network would not, exposing a weakness in the protocol.
As a result, transactions from Mt. Gox to those accounts were cancelled by Dwolla. The funds never made it back to Mt. Gox help desk issued the following comment: Gox as we have never had this case before and we are working with Dwolla to locate your returned funds. In March , the bitcoin transaction log or " blockchain " temporarily forked into two independent logs, with differing rules on how transactions could be accepted.
Gox bitcoin exchange briefly halted bitcoin deposits. Gox suspended trading from 11—12 April for a "market cooldown". Around mid-May , Mt. Gox traded , bitcoins per day, per Bitcoin Charts. Gox, alleging a breach of contract.
Gox's North American services. Gox failed to allow it to move existing U. Gox suspended withdrawals in US dollars on June 20, Gox transactions pressured Mt. Gox from then on to close its account. Gox announced that it had "fully resumed" withdrawals, but as of September 5, , few US dollar withdrawals had been successfully completed.
On August 5, , Mt. Gox announced that it incurred "significant losses" due to crediting deposits which had not fully cleared, and that new deposits would no longer be credited until the funds transfer was fully completed.
Wired Magazine reported in November that customers were experiencing delays of weeks to months in withdrawing cash from their accounts. Customer complaints about long delays were mounting as of February , with more than 3, posts in a thread about the topic on the Bitcoin Talk online forum. On 7 February , Mt. Gox halted all bitcoin withdrawals.
Since the transaction appears as if it has not proceeded correctly, the bitcoins may be resent. Mt Gox is working with the bitcoin core development team and others to mitigate this issue. On 17 February , with all Mt. Gox withdrawals still halted and competing exchanges back in full operation, the company published another press release indicating the steps it claimed it was taking to address security issues. On 20 February , with all withdrawals still halted, Mt. Gox issued yet another statement, not giving any date for the resumption of withdrawals.
Gox headquarters in Tokyo continued. Citing "security concerns", Mt. Gox moved its offices to a different location in Shibuya. Bitcoin prices quoted by Mt. Gox paying its customers. On 23 February , Mt. On 24 February , Mt. Gox suspended all trading, and hours later its website went offline, returning a blank page.
Six other major bitcoin exchanges released a joint statement distancing themselves from Mt. Gox, shortly before Mt. Gox's website went offline. On 25 February , Mt. Gox reported on its website that a "decision was taken to close all transactions for the time being", citing "recent news reports and the potential repercussions on Mt Gox's operations".
Gox was "at a turning point". From 1 February until the end of March, during the period of Mt. On 28 February Mt. Gox filed in Tokyo for a form of bankruptcy protection from creditors called minji saisei or civil rehabilitation to allow courts to seek a buyer, reporting that it had liabilities of about 6.
Gox also faced lawsuits from its customers. On 9 March , Mt. Gox filed for bankruptcy protection in the US , to halt U. On 20 March , Mt. Gox reported on its website that it found On April 14, Mt. Gox gave up its plan to rebuild under bankruptcy protection, and asked a Tokyo court to allow it to be liquidated. In a 6 Jan interview, Kraken bitcoin exchange CEO Jesse Powell discussed being appointed by the bankruptcy trustee to assist in processing claims by the , creditors of Mt.
Gox computer system to increase the balance in an account -- this charge was not related to the missing , bitcoins. Gox, and moving it into an account he controlled, approximately six months before Mt.
Gox failed in early By May , creditors of Mt. Gox went bankrupt, which they asked be paid to them. From Wikipedia, the free encyclopedia. Currency Bitcoin Website www. New Challenges and Responses". Retrieved 9 December — via Google Books.
The Wall Street Journal. Analytics and Case Studies".
16 Nov PAYDAY: Mark Karpeles, Mt. Gox's former chief executive, stands to benefit financially from the bitcoin exchange's liquidation. .. in the Mt. Gox case show the trustee rejected CoinLab's claims but the company petitioned for a reassessment, which Karpeles and some creditors say has caused delays. 13 Dec As was reported last month, Mark Karpelès, the former CEO of collapsed bitcoin exchange MtGox, could make serious money from the exchange's bankruptcy, thanks to the skyrocketing value of bitcoin and Japan's bankruptcy rules. Now MtGox's creditors, who are wise to that fact, have mounted a legal. Customer complaints about long delays were mounting as of February , with more than 3, posts in a thread about the topic on the Bitcoin Talk online forum . On 7 February , Mt. Gox halted all bitcoin withdrawals. The company said it .