Be Careful With Blockchain - May Be Time To Find A New Wallet

[DontTailMe]

From Reddit:

In Your recent activity we detected that funds linked to a gambling service were deposited into your Blockchain.com account and we require the following information:

• Occupation
• Proof of residential address, in the form of a bank statement or utility bill dated within the last 3 months
• Explanation and proof of Source of funds, in the form of:

Deposit and withdrawal activity from the gambling service from where the funds were deposited;

Gambling service activity (betting history).

• Source of Wealth in the form of:

Payslips;

Inheritance;

Sale of real estate;

Etc.

Please reply within the next 5 business days to avoid any suspension to your Blockchain accounts.

I wonder if this guy had signed up for an account with their exchange services. Either way, I'm not screwing around with them without better intel. Time to find a new "dumb" wallet. The problem is that some of these wallets are growing exchange-like services, and therefore, are probably tightening their regulatory compliance measures.

[wombat]

He must have signed up for the exchange service. They could care less if it was just the wallet. Never understood why people keep using online wallets. Get a hardware wallet or create your own and you don't have to worry about any of this.

[frankthetank]

He must have signed up for the exchange service. They could care less if it was just the wallet. Never understood why people keep using online wallets. Get a hardware wallet or create your own and you don't have to worry about any of this.

If I had to guess, people fear losing or damaging the hard wallet. Also, they are probably worried about screwing something up. Or if they want to make a quick transaction not having to go through the process of activating and moving digital from cold storage. Those are my best guesses.

I wonder which gimbling site they detected the payment being sent from.

[DontTailMe]

If I had to guess, people fear losing or damaging the hard wallet. Also, they are probably worried about screwing something up. Or if they want to make a quick transaction not having to go through the process of activating and moving digital from cold storage. Those are my best guesses.

I wonder which gimbling site they detected the payment being sent from.

Bovada

[wombat]

If I had to guess, people fear losing or damaging the hard wallet. Also, they are probably worried about screwing something up. Or if they want to make a quick transaction not having to go through the process of activating and moving digital from cold storage. Those are my best guesses.

I wonder which gimbling site they detected the payment being sent from.

As with every btc wallet, there is a backup phrase. You will use these phrase of words to restore your wallet onto another. It doesn't matter if the hardware wallet malfunctions, you can always restore your funds onto another wallet with this phrase.

[bruloc]

He must have signed up for the exchange service. They could care less if it was just the wallet. Never understood why people keep using online wallets. Get a hardware wallet or create your own and you don't have to worry about any of this.

But when you move from your wallet to their exchange they would not ask for the same documents?

[Optional]

As with every btc wallet, there is a backup phrase. You will use these phrase of words to restore your wallet onto another. It doesn't matter if the hardware wallet malfunctions, you can always restore your funds onto another wallet with this phrase.

So why add an extra point of failure at all?

Hardware wallets are a terrible idea for 99% of users and as we have seen the sellers are hackable and expose customers to high risk.

It's not as bad as leaving your money at Coinbase, but almost as bad IMHO.

[Optional]

From Reddit:


I wonder if this guy had signed up for an account with their exchange services. Either way, I'm not screwing around with them without better intel. Time to find a new "dumb" wallet. The problem is that some of these wallets are growing exchange-like services, and therefore, are probably tightening their regulatory compliance measures.

He should still have the seed phrase and be able to move any money out without asking them.

[Legions36]

So why add an extra point of failure at all?

Hardware wallets are a terrible idea for 99% of users and as we have seen the sellers are hackable and expose customers to high risk.

It's not as bad as leaving your money at Coinbase, but almost as bad IMHO.

Until you use a hardware wallet you wont understand how safe and easy it is to use. Online wallets shouldn’t have to much money in it, Ive read so many stories about people getting hacked even with security measures put in. If your doing 10 transactions a day to send, then using an app is the way to go.

[Rabiddog33]

Great hot wallets I use are Exodus or Coinomi. Both very easy to use, and great for moving money crypto between books.

Hardware wallets I like Ledger. I've used Trezor and Ellipal also but think ledger the most user friendly.

If you want to earn interest on your crypto. Celsius, Voyager, are my favorites.

[HedgeHog]

If I redeem $50 BTC from the SBR store will my blockchain wallet get flagged?

[PD77]

If I redeem $50 BTC from the SBR store will my blockchain wallet get flagged?

Highly unlikely. Do you use the blockchain.com exchange with your wallet? If not they definitely don’t care, even if you do it highly unlikely that SBRs BTC wallet has been flagged.

[bubba]

Please explain for someone who knows nothing (like me) what I should use to send bitcoin to and from sports books? What does a hardware site even mean? It goes straight to/from my laptop? What if the laptop breaks? Thank you.

[Mugsy777]

buy bitcoin from coinbase , then send it to blockchain , then send it to the sportsbook

[PharaohUB]

I second Coinomi. Great app. I used blockchain for years and switched to Coinomi. Having on phone is def more secure than desktop IMO.

[Optional]

If I redeem $50 BTC from the SBR store will my blockchain wallet get flagged?

Never heard of anyone with a problem doing that. SBR is a web marketing company not a bookmaker and highly unlikely they would class it as breaking their terms about gambling usage.

[MarkMakers]

I’m hoping someone who reads this can offer some advice/help. My money is stuck on Blockchain’s US Dollar wallet until I get Gold status.

As I’ve done a million times, I use blockchain to send deposits to my book and receive payouts. I then send the Bitcoin to Coinbase where it’s sold for cash and sent to my bank account. Well this time I made a huge mistake. My brain must have been on automated mode because instead of sending the Bitcoin to Coinbase and selling it, I sold it on Blockchain where the money then went to a USD account. Now I can’t withdraw or send it. Nor can I buy Bitcoin with it. It’s just sitting there and I can’t do anything with it until I become Gold Level.. Currently I’m Silver. Been trying all day to upgrade my account but the Veriff system used for verification is seemingly not functioning properly.

[PD77]

I’m hoping someone who reads this can offer some advice/help. My money is stuck on Blockchain’s US Dollar wallet until I get Gold status.

As I’ve done a million times, I use blockchain to send deposits to my book and receive payouts. I then send the Bitcoin to Coinbase where it’s sold for cash and sent to my bank account. Well this time I made a huge mistake. My brain must have been on automated mode because instead of sending the Bitcoin to Coinbase and selling it, I sold it on Blockchain where the money then went to a USD account. Now I can’t withdraw or send it. Nor can I buy Bitcoin with it. It’s just sitting there and I can’t do anything with it until I become Gold Level.. Currently I’m Silver. Been trying all day to upgrade my account but the Veriff system used for verification is seemingly not functioning properly.

I’m not familiar with blockchain as an exchange, I only used them as an intermediary wallet. It’s strange they let you convert the BTC to USD without being gold level. I’ve had many dealings with blockchain support and that is where I would suggest starting. They aren’t the fastest but there is far worse crypto support out there. It could be far worse, you could’ve sent the BTC to a bch address or to some unknown address, or your wallet could’ve been compromised. Your problem is fixable, it’s just going to take some time and you working with support. Good luck!

[MarkMakers]

Thanks PD77

I said the same thing. Why would they allow me the ability to sell the Bitcoin on their new exchange if my Silver status limits my access? I wrote Support and received an automated reply. Hoping to get it handled soon as they have several thousand dollars in weekend winnings that I can’t transfer nor withdraw

[PD77]

Thanks PD77

I said the same thing. Why would they allow me the ability to sell the Bitcoin on their new exchange if my Silver status limits my access? I wrote Support and received an automated reply. Hoping to get it handled soon as they have several thousand dollars in weekend winnings that I can’t transfer nor withdraw

They will eventually get back with you. it may just be a matter of your documents being manually approved. One thing I’ve learned with all of these crypto companies is that their customer support is absolutely terrible. If you every have anything that is urgent, which happened to me, you are screwed. Congrats on the win and good luck.

[jjgold]

get your own wallet PROBLEM SOLVED

[davethegambler]

What are some of the best exchanges to use to get crypto for sports betting? I currently use coinbase pro but it is a horrible site, so would like to know if there are any better ones?

[MarkMakers]

So, one of my worst fears when dealing with cryptocurrency has came to fruition. Blockchain just f**k me out of $3k… After contacting Support concerning my funds being stuck in the US Dollar account after selling my Bitcoin they respond with a threat to suspend my account within 5 days if I don’t give them 3 months of detailed personal information regarding my employer, proof of residency, utility bills, bank statements, check stubs and purchases. After reading the email from Blockchain Support I knew my funds were being stolen.

[raiders72001]

So, one of my worst fears when dealing with cryptocurrency has came to fruition. Blockchain just f**k me out of $3k… After contacting Support concerning my funds being stuck in the US Dollar account after selling my Bitcoin they respond with a threat to suspend my account within 5 days if I don’t give them 3 months of detailed personal information regarding my employer, proof of residency, utility bills, bank statements, check stubs and purchases. After reading the email from Blockchain Support I knew my funds were being stolen.

Your account will be suspended but your money isn't lost. I'm not sure how comfortable that you are with proof of identity but that's all they need. You don't have to answer all the intrusive questions unless under court subpoena.

[louisvillekid]

I've been doing the buy at CB, send to BC, then send to book, for a while now. And in reverse. Has worked well.

I haven't withdrew from a book in 4-5 months - i only have around 285 in one atm.

But maybe next time instead of using the BC wallet, I'll try Trust wallet, or maybe send to my binance or gemini accts.

[PD77]

Your account will be suspended but your money isn't lost. I'm not sure how comfortable that you are with proof of identity but that's all they need. You don't have to answer all the intrusive questions unless under court subpoena.

That’s what I would do, give them what they want to get your money. OP, are you located in the US? I’ve seen this KYC and SOW requests for people located in countries where gambling is legal but I’ve never seen it for US players. Did you explain to them that you don’t want to use them as an exchange? I guess it’s a little late since you already converted the BTC to usd. Did you sign up previously to use their exchange services? I tried to sell some BTC with my blockchain.com wallet and it says these services are not available. Just trying to figure out how you were able to sell your crypto.