>>Read if you are new to Bitcoin<<
MtGox has not honoured cash withdrawals in a timely manner since early 2013. This is what has caused the price discrepancy between MtGox and other Bitcoin exchanges. Nobody knows if MtGox have been making millions by arbitrage trading or not, but either way you might not want to be the one sitting with your funds locked in an MtGox account.
- If you currently have funds or Bitcoin at MtGox, make a withdrawal request. The best chance to ever see your money again is to be as early as possible in the withdrawal queue. You may also use the bitcoinbuilder.com website in order to recover some of your funds that is locked in an MtGox account.
- Use MtGox alternatives. There are several ways to buy bitcoins without using MtGox. Some bitcoin exchanges that work fine are Bitstamp.com, Kraken, bitfinex, campbx, BTC-e.com and localbitcoins
More Scary Facts about MtGox
- MtGox CEO Mark Karpeles tried to blame their problems on Bitcoin.
- Read this article that points out the fact that MtGox behaves similar to how the insolvent poker giants behaved before they went bankrupt and disappeared with their customers' money.
- Current wait time to get your MtGox account verified: 1 month. Current wait for cash withdrawals: Unknown - something between 2 months and an eternity. No bitcoin withdrawals are allowed at all at the moment.
- The price spread between MtGox and other Bitcoin exchanges indicates that 80% of MtGox account holders assume that they will never be paid back their bitcoins.
- MtGox' CEO Mark Karpeles refuses to say if MtGox is insolvent or not. Insolvency would explain much of MtGox' behaviour; they simply don't have the funds to send out withdrawals and therefore are delaying and coming up with excuses for not doing so.
Read if you are already into Bitcoin
You probably know already that the crashes that MtGox repeatedly has caused to Bitcoin since 2011 are not a problem with Bitcoin itself. The sooner people stop using MtGox, the better for Bitcoin. We need people to stop using MtGox in order to be able to focus on the development of Bitcoin.
There's a number of ways you can help newbies from getting Goxed and help Bitcoin in the long run:
- MtGox keeps getting new customers because there's hundreds of sites and articles mentioning them as the biggest Bitcoin exchange. We need to email those guys and inform them that MtGox stopped honouring cash withdrawals almost a year ago, and is currently totally defunct and possibly insolvent. Please help the Bitcoin community and try to make them mention other alternatives instead.
- Link to mtgoxsucks.com: When new people get interested in Bitcoin from a news article or website and see MtGox being mentioned, they might google "mtgox" and come to the MtGox website from there. If enough people link to this website, it will also be displayed at the search results page right under MtGox themselves. Peaple may then enter this website and get informed before putting more fiat or bitcoins into to the MtGox black hole. So, if you are a website owner or active on a bitcoin forum or comment on an article about Bitcoin or MtGox, please include a link to mtgoxsucks.com
- Support mtgoxsucks.com and we will be able to build more websites and buy adwords that warns about MtGox. Our donation address is: 1M4nDTzogsKTJxoBzRURvHhnVev8cVy2KG
- You can also like this site or up it on Google+ with the buttons at the top left.
Below is a collection of articles about the repeated chaos that has been caused by MtGox' incompetency. We aim to make a complete database of issues that have been reported by MtGox users. This site was created in 2011 and has recently been brought back to life. Horror stories and more coming soon. If you would like to contribute to mtgoxsucks.com or send us your horror story, please contact us.
Published on Thursday, 30 June 2011 13:06
A lot of people have been asking for Mt Gox alternatives, so here are some facts about two of the most popular Bitcoin exchanges out there:
Published on Tuesday, 30 August 2011 10:23
Mt Gox has been struggling with phishing attempts and has finally made a public statement regarding this problem.
Recently there has been a large increase in the number of "phishing" attacks that have been made against the users of Mt.Gox.
Phishing involves deceiving users through fake emails or websites into providing their user name and password to the phisher, who then uses this information to log into the account and withdraw as many funds as they are able into their own bank account
Further down in the email, they link to the Mt.Gox Phishing Forum
, but at the time of writing there's only one single post saying "2011/08/30 - "Blocked Account" - further adding to the confusion.
Published on Tuesday, 06 September 2011 20:23
The email goes like this and was sent to the leaked MtGox user database.
Dear Mt.Gox user,
Your account will be blocked for violating the rules of exchange.
The Mt.Gox team
Published on Tuesday, 30 August 2011 10:15
I'm not sure what is causing this, but for the last months, the MtGox site has been showing up as:
This webpage is not available
The connection to mtgox.com was interrupted.
I assume there might be a problem with their htaccess configuration or the https certificate configuration. Anyways, it's not a serious problem since it usually works when reloading the site. This is the error message my browser reports:
Error 101 (net::ERR_CONNECTION_RESET): The connection was reset.
Published on Wednesday, 14 September 2011 13:22
As of now, it appears to be impossible to get your money out of MtGox. A way to get your money out is to buy Bitcoins, transfer them to another Bitcoin exchange like
, convert back to your currency and withdraw the money (Both TradeHill and Bitcoin7 are now discontinued).
Read more: MtGox Holding SEPA Payments
Published on Tuesday, 30 August 2011 11:39
The Mt. Gox trade commissions used to be 0.30% but we just noticed today that it has been increased to 0.55%. If you know the exact time of this commission change, please let us know
Published on Monday, 20 June 2011 18:02
Unscrupulous spammer uses the leaked MtGox database, trying to recruit traders with his referral code to TradeHill. TradeHill takes a stance against this and closes spamming accounts.
Here is a copy of the email:
Dear Sir or Madam,
Some hours ago, Mt Gox was hacked. The hackers were able to copy the entire Mt Gox user database with user names, email addresses and encrypted passwords. This database is now publicly shared on the net.
Read more: Mt Gox Database Leaked, Users Spammed
Published on Sunday, 19 June 2011 23:03
Mt. Gox was just hacked and we can see this with by the fact that the Bitcoin value has dropped to 0.01 - and then Mt. Gox was shut down and nobody can login. At the time of writing nobody know what will happen to their balances at Mt. Gox. Meanwhile this site is being set up in order to give people an opportunity to get information about Mt. Gox from an independent source.
Update: The BitcoinChannel at YouTube has been covering the Flash Crash live. Watch the video here:
Read more: Bitcoin Flash Crash With Video And The Birth Of MtGox Sucks
Published on Friday, 16 September 2011 11:32
And not it's the Australians that can't do bank transactions with Mt Gox. Yet another reason to start using another Bitcoin exchange.
Dear Mt.Gox Users,
Technocash Deposits are temporarily unavailable due to banking issues with the National Australian Bank (NAB). NAB are assisting Mt.Gox with this issue currently, and we will expect to have a resolution within five business days. We apologize for any inconvenience caused.
Published on Saturday, 25 June 2011 21:16
A Piece of Bitcoin/Internet History
During the last few days, MtGox have been restoring their system and had a long and painful process where users had to claim back their accounts. Later on, after even more delays, the trading was eventually started again. It was 5 days in which many people had no idea if they had lost their money or not, and nobody knew if the value of their currency would disappear as soon as the market would open again.
During this time, it was possible to post comments on MtGox' announcement page, and the nervous comments are now saved from the Google cache by MtGox Sucks. Anyone can read all comments that it was possible to recover below.
Read more: A Piece of Bitcoin/Internet History