Info: Current Withdrawal time

It seems MA having issues with withdrawals but with negative publicity like withdrawal being stopped will encourage more panic withdrawals and will end up taking longer for withdrawals just my 2 pec . Below is my recent withdrawal but seems problem started with withdrawal request from the next week of my request.

Screenshot_20230428-043514.png
 
My better half received a payout in early April, on time as far as I know.
I had 2 withdrawals hit March 31st (one late, one early). I have another coming due in a few days. (They don't want to be late)
 
Initiated withdraw 02/24/2023 status PENDING for 62 days, no messages or notices of it being delayed.

(And this is just for a measly 400$)

Other info: I have only had one withdraw previously and it took 68 days to show up in the bank this was back in 2021 and was over 1k$ usd.
Pi, if you initiated your withdrawal on the 24th of February it has been 43 Swedish business days. If you like, take a look at this website, enter in the date when you initiated it and today's date to get a correct calculation. Link: Swedish business days calculator

Your deposit is not considered late until the 10th of May, so you may have some time to wait.
 
I have 2 withdrawals both initiated around March 4th and Feb 14th? From my memory. They both are committed and in bank account. 1 of 2k usd the other of 1100usd. I prior to that I withdrew 800 in novemeber, it was completed in 54 days. Saw this while on my phone so sorry for the estimations.

Also, with current currencies fluctuating and being held in different reserve amounts currently,(rebalancing). I would assume this is another huge one since they are pretty much Forex jugglers at most points.
 
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Ok. Then I guess wd priority is dynamic I guess... case closed

I.
 
Ok. Then I guess wd priority is dynamic I guess... case closed

I.
Always was. I mentioned earlier in this thread (the last time they were severely late for me) that they just did withdrawals willy nilly. They don't do them FIFO.
 
Always was. I mentioned earlier in this thread (the last time they were severely late for me) that they just did withdrawals willy nilly. They don't do them FIFO.
Classic ponzi strategy... Selective withdrawal order and radio silence in regards to acknowledging peoples concerns and getting ahead of speculations. Seems legit. Lol

Seriously though, at least some withdrawals are happening from the sounds of things and I'm sure regular payouts will eventually resume at their typical speedy pace but for now all I can say is I'm glad my holdings in EU are minimal. Even when things are "normal" waiting 50 business days is a bit ridiculous. 20 years in and nothing has been done to improve this even for old avatars with a huge track record of zero issues with deposits/chargebacks and regular withdrawals.

Hoping any payout issues blow over when my withdrawal comes time for payout lol. Keep depositing everyone, our withdrawals apparently depend on it. Lol
 
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(Deleted) pudding already said it
 
I don't know what we are all doing here if MA stops honoring withdrawal requests amd can't even be bothered to issue a statement to reassure the community.

RIP EU, was an interesting experiment but alas, some decided white papers amd stock holders were more important then participants/customers
:cry:
 
I don't know what we are all doing here if MA stops honoring withdrawal requests amd can't even be bothered to issue a statement to reassure the community.

RIP EU, was an interesting experiment but alas, some decided white papers amd stock holders were more important then participants/customers
:cry:

As several posts have stated - they didnt stop paying. Its just that they do not honor FIFO.

No need to be overdramatic just yet.

I.
 
My withdrawal is now late.

Initiated: Feb 19th
Due: May 3rd
Committed: May 5th
Status: 52 Swedish Business Days
 
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Update 5: Withdrawal is now committed as of the 3rd of May, 2023. I will update once the money is cleared and in my bank account. This has been the single longest waiting period of my withdrawals in over 12 years. There was nothing requested or required from my end, the withdrawal was just late. :(

I am happy to see that it is now committed. (y)

Time lapsed since withdrawal was initiated: 65 Swedish Business Days, 94 total days passed.

My original post has been updated.
 
My withdrawal, from 2/14/23, was also committed today. Yay!
 
Update 5: Withdrawal is now committed as of the 3rd of May, 2023. I will update once the money is cleared and in my bank account. This has been the single longest waiting period of my withdrawals in over 12 years. There was nothing requested or required from my end, the withdrawal was just late. :(

I am happy to see that it is now committed. (y)

Time lapsed since withdrawal was initiated: 65 Swedish Business Days, 94 total days passed.

My original post has been updated.

While it is worrying that it takes so long, and its hard to shake that it is a somewhat serious happening.

To keep in mind a little how nordics work, we laothe work, and by that i mean, whne we have public holidays, we do not only have those days off.

Springtime in nordics is dotted spread out with tonnes of days just in the middle of weeks one day off here, another day off there etc. combine that with that we have several weeks of vacation given to us that cannot be denied if asked for unless a specific clear business critical reason. (gotta love basic human worker rights insert jokes here).

Anyways this effectivly means that while there might be say, 8 "public holidays" in a given period, if 1 of those happens on a wednesday, a large majority of people are more often then not, also going to spen 2days out of their several weeks vacation, to get a nice mega weekend. and this will inevitably happen with every week, every day and "Squeeze days" as we simply call them where taking 1-2 days off, gets you nearly a "week" off work.

of course it has to rotate not everyone can just throw the papers into the air and go on holiday, but it means that from about mid/early march to about mid May in the land of the nords, we tend to just have half the workforce present due to that.

from mid june to late august, its summer time where many companies enforce you _have_ to take 3 weeks combined off work, though less enforced nowadays its still highly encouraged that you do, meaning that overall.

from mid march to late august, companies may have half the work force present, and while grocery stores, and what not, and some service related companies heavily rely on youth, teens and what not working simple jobs for a few hours to make some easy money in his period more than normal, banking and money transfers is not exaclty a job you'd hand over to a 15 year old xD

I honestly feel that at least during springtime, this is likely as much of a logical reason i can think of being a nordic myself, looking at a "nice long weekend" next week having nearly a week off work, for simply using 1 vacation day, or in april when my co workers used 3 days each, to get nearly 2 weeks total of work :p


Still sucks though because I placed mine in mid april, and due to the above simple nordic logic of how vacation work i hope that whomever does finance has not taken vacation days off much. If not i wont see shite untill august i suspect ...
 
While it is worrying that it takes so long, and its hard to shake that it is a somewhat serious happening.

To keep in mind a little how nordics work, we laothe work, and by that i mean, whne we have public holidays, we do not only have those days off.

Springtime in nordics is dotted spread out with tonnes of days just in the middle of weeks one day off here, another day off there etc. combine that with that we have several weeks of vacation given to us that cannot be denied if asked for unless a specific clear business critical reason. (gotta love basic human worker rights insert jokes here).

Anyways this effectivly means that while there might be say, 8 "public holidays" in a given period, if 1 of those happens on a wednesday, a large majority of people are more often then not, also going to spen 2days out of their several weeks vacation, to get a nice mega weekend. and this will inevitably happen with every week, every day and "Squeeze days" as we simply call them where taking 1-2 days off, gets you nearly a "week" off work.

of course it has to rotate not everyone can just throw the papers into the air and go on holiday, but it means that from about mid/early march to about mid May in the land of the nords, we tend to just have half the workforce present due to that.

from mid june to late august, its summer time where many companies enforce you _have_ to take 3 weeks combined off work, though less enforced nowadays its still highly encouraged that you do, meaning that overall.

from mid march to late august, companies may have half the work force present, and while grocery stores, and what not, and some service related companies heavily rely on youth, teens and what not working simple jobs for a few hours to make some easy money in his period more than normal, banking and money transfers is not exaclty a job you'd hand over to a 15 year old xD

I honestly feel that at least during springtime, this is likely as much of a logical reason i can think of being a nordic myself, looking at a "nice long weekend" next week having nearly a week off work, for simply using 1 vacation day, or in april when my co workers used 3 days each, to get nearly 2 weeks total of work :p


Still sucks though because I placed mine in mid april, and due to the above simple nordic logic of how vacation work i hope that whomever does finance has not taken vacation days off much. If not i wont see shite untill august i suspect ...
With respect, if you are going to take FIFTY (50) swedish business days to hold money and process withdrawals, it doesn't matter how many 1 or 2 days off extra you take. If you're going to have an RCE, you have a responsibility to process withdrawals and handle supports in the time manner you specified or gave to us. If you're not going to do that, then sell it to someone who will.

This subject is constantly cycled on these forums. 50 days, while I understand for AML reasons (and really because they put the money in CDs, per their report as well), is extremely limiting to attracting new users. Adding another calendar month (65 swedish business days) and blaming it on (sorry, we're busy - which is a lie and deflection) is a massive failure.
 
With respect, if you are going to take FIFTY (50) swedish business days to hold money and process withdrawals, it doesn't matter how many 1 or 2 days off extra you take. If you're going to have an RCE, you have a responsibility to process withdrawals and handle supports in the time manner you specified or gave to us. If you're not going to do that, then sell it to someone who will.

This subject is constantly cycled on these forums. 50 days, while I understand for AML reasons (and really because they put the money in CDs, per their report as well), is extremely limiting to attracting new users. Adding another calendar month (65 swedish business days) and blaming it on (sorry, we're busy - which is a lie and deflection) is a massive failure.
One of the impacts this late withdrawal had on me personally was that I didn't feel like depositing more and opening more Easter boxes, so I didn't. I was prepared to spend thousands of more dollars on Easter boxes, but I didn't. They can check my deposit history and see that I was opening boxes nearly every day for weeks leading up to Mayhem and then I stopped.

I say this because I hope someone at MindArk is reading it and realizing that late delays can have an impact on their customer satisfaction. At least it did for me in this case.

This is an RCE, and I expect to receive my withdrawals in at least 50 swedish business days, not 65. I wouldn't have minded if they were even just a few days or even one week late, especially because they told me they were behind on things. I appreciated their response and them being open about being behind. My expectations were that it would be delayed at most a week, not four weeks.

Having to wait 65 swedish business days is far too long, especially when your customers are expecting it to take 50 or less. I put my request through back in January and won't be receiving my money until May 5th.

This experience made me feel as a customer that my withdrawal didn't matter, that my withdrawal wasn't important to them.

Am I threatening to leave EU or stop depositing? No. Of course not! I love this game! I have supported the platform for the past 12 years and I plan on being here the next 12+. MindArk has really done a good job with my withdrawals over the past 12 years. This time is hopefully the exception, because generally this hasn't been an issue in the past.

I don't think there's any financial trouble over at MA as some posters here have eluded to. That was not the purpose of me posting my experience. Things look and seem stable at the offices of MindArk, as far as I can tell. I just think they fell behind, and let the timing on withdrawals go too far. As a supporting customer of this universe I merely wanted my experience and voice to be heard.

Carry on, there's mobs to shoot!! :handgun:
 
With respect, if you are going to take FIFTY (50) swedish business days to hold money and process withdrawals, it doesn't matter how many 1 or 2 days off extra you take. If you're going to have an RCE, you have a responsibility to process withdrawals and handle supports in the time manner you specified or gave to us. If you're not going to do that, then sell it to someone who will.

This subject is constantly cycled on these forums. 50 days, while I understand for AML reasons (and really because they put the money in CDs, per their report as well), is extremely limiting to attracting new users. Adding another calendar month (65 swedish business days) and blaming it on (sorry, we're busy - which is a lie and deflection) is a massive failure.

I just said how vacations work here in the Nordics, where Mindarks headquarters and entire (?) workforce is based out of. (Dont know if they have devs walking elsewere anymore or offices in usa anymore).

Also what does AML mean, only thing i can think of in this context is American Main Land? assuming that, i'm sad to say they take fucking eons to pay out money litterally across the border from sweden too, so that can not be a factor of why it has to take so long. It smells mostly like not having enough funds at the ready, imo.


I say this because I hope someone at MindArk is reading it and realizing that late delays can have an impact on their customer satisfaction. At least it did for me in this case.

This is an RCE, and I expect to receive my withdrawals in at least 50 swedish business days, not 65. I wouldn't have minded if they were even just a few days or even one week late, especially because they told me they were behind on things. I appreciated their response and them being open about being behind. My expectations were that it would be delayed at most a week, not four weeks.

they likely realize it, but also know that as long as people don't en masse quit, its fine. But it does feel like that there does not need to be a huge influx of higher value people leaving before it goes utterly tits up.

While I don't think its been withdrawn all of it, in the past couple of weeks, a lot of higher well known items and names have sold a lot of stuff "because not quitting". While the money has to come from somewhere (someone has to depo or "invest" somehow) It feels like there could be a lot of withdrawls happening.



I don't read financial reports i don't understand them, but if they dont mention or directly show, it would be interesting to somehow see deposits vs withdrawls.
 
With respect, if you are going to take FIFTY (50) swedish business days to hold money and process withdrawals, it doesn't matter how many 1 or 2 days off extra you take. If you're going to have an RCE, you have a responsibility to process withdrawals and handle supports in the time manner you specified or gave to us. If you're not going to do that, then sell it to someone who will.

This subject is constantly cycled on these forums. 50 days, while I understand for AML reasons (and really because they put the money in CDs, per their report as well), is extremely limiting to attracting new users. Adding another calendar month (65 swedish business days) and blaming it on (sorry, we're busy - which is a lie and deflection) is a massive failure.
Word is, last year players from a certain troubled country were able to receive their withdrawals within a week, some told me it was even less than that, five days, don't know if it's still the case now. Probably not given the state of things but who knows.
Also what does AML mean, only thing i can think of in this context is American Main Land?
It's anti-money laundering, but how can this be enforced when we have lootable PvP in the game? That's beyond me.
 
If you consider that Mindark's staff are funded 100% from player deposits, if there are liquidity issues with the balance of payments tipping more to the withdrawal side than deposits, a sensible decision should be to honour those withdrawal's first, even if need be delaying paying your own staff.

The pandemic really benefited Mindark with just about every non virtual leisure activity shut down. No pubs, no cinema, no nightclubs, no travel, no anything.

That was 2020 to 2021 and some of it carried on well into 2022. ✈️

I want to forget how horrible those years were, did we really have to wear a 😷 to get on a train or bus or go to a supermarket? Yes it wasn't a dream it really happened.

Anyway, I will cut this short and back to the main issue. Mindark have lots of money tucked away but if they dont pay high profile players on time, they wont have a small problem, they will have a large problem - there are people here with huge amounts of money and according to the ToU (they are only required to pay back the last 6 months worth of deposits remember) they could lose everything. :broke:


Still its not all doom and gloom, I get an extra day's holiday on Monday - Long Live The King!! 👑
 
If you consider that Mindark's staff are funded 100% from player deposits, if there are liquidity issues with the balance of payments tipping more to the withdrawal side than deposits, a sensible decision should be to honour those withdrawal's first, even if need be delaying paying your own staff.

The pandemic really benefited Mindark with just about every non virtual leisure activity shut down. No pubs, no cinema, no nightclubs, no travel, no anything.

That was 2020 to 2021 and some of it carried on well into 2022. ✈️

I want to forget how horrible those years were, did we really have to wear a 😷 to get on a train or bus or go to a supermarket? Yes it wasn't a dream it really happened.

Anyway, I will cut this short and back to the main issue. Mindark have lots of money tucked away but if they dont pay high profile players on time, they wont have a small problem, they will have a large problem - there are people here with huge amounts of money and according to the ToU (they are only required to pay back the last 6 months worth of deposits remember) they could lose everything. :broke:


Still its not all doom and gloom, I get an extra day's holiday on Monday - Long Live The King!! 👑
This is incorrect. They are funded by turnover/decay/money sinks. We've been over this.

If it was by deposits contrary to their position, they would and should be shut down immediately. That's a ponzi.
 
This is incorrect. They are funded by turnover/decay/money sinks. We've been over this.

If it was by deposits contrary to their position, they would and should be shut down immediately. That's a ponzi.
Yes we have.

Without deposits there is no lootpool. Without lootpool there is no rake.

Deposits fund both rake and withdrawals.
 
Yes we have.

Without deposits there is no lootpool. Without lootpool there is no rake.

Deposits fund both rake and withdrawals.
You are correct in that context (framing). But that is different (and incorrect/improper) framing than saying deposits fund salaries, as that is stated as an absolute - as a self-sustaining player does not need to deposit to generate funds used for MA salaries. There only needs to be money spent in turnover activities, however it is sourced.
 
I don´t know wherelse is MindArk getting funds from to fund salarys outside deposits. Apart from one of those run of the mill sales they pull out of the hat now and then, they don´t have other games published to generate income. Eben if they did, the point of running Entropia would be defeated if it generated loss for them.

Whatever context you put it for MA, deposits fund salarys, if its not 100% of them its 70%. Not saying the bookeeping they declare is wrong or untrustfull. Or even that the cut of the pie for MA does not come from decay. It does on the books. The system they use to rake and the financial requirements to maintain the game running is very very close to the other houses. So close to the point of those 30% we know they are required to have in the piggy bank.

We purchase PED. The moment your $USD becomes PED it has no real monetary value outside the deal you/we have with MA to honor the peg they have with the USD$. This is key to understand as it turns the value of your real life money into digital currency for this universe only. MA only has a deal with us and acts as a broker between us and our bank to process the PEDs back to USD.
By the time your bank has to process the withdrawal in USD$ none of this talk matters as MA have things well tought through to decide where your money is coming from, tied up with some good reserves if needed to honor what they wrote in the bookeeping.

I dont see them breaking the piggy bank more often than using deposits money to cover for running bills or salarys. But could happen, reserves are there for a reason even if usually no one likes to touch them unless it is really necessary.

In the context of this thread maybe I was a bit harsh in my earlier post.

Maybe there was no stress at all with liquidity.
Maybe the workload was indeed there because they are monitoring and implementing new checks for withdrawals. Ya know cause of botting and multi accounting and shit. That would rock and I would not be pissed at all for a few more days delay!
 
This is incorrect. They are funded by turnover/decay/money sinks. We've been over this.

If it was by deposits contrary to their position, they would and should be shut down immediately. That's a ponzi.

Mega is actually correct.

They are funded by deposits. Their balance sheet does not have ingame PED showing anywhere. They dont even consider it a liability in term of account payable.

They have revenue (deposits) and cost of revenue (salaries, expences and withdrawals).

I.
 
Their balance sheet does not have ingame PED showing anywhere. They dont even consider it a liability in term of account payable.

They have revenue (deposits) and cost of revenue (salaries, expences and withdrawals).

I.

Unconsumed user holdings All users in Entropia Universe have an in-game account where cash in the form of the virtual ingame currency PED or items are placed. The sum of these cash funds and digital items is the user’s unconsumed user holdings. Unconsumed user holdings have increased during the full year 2022, from 132.3 million PED to 136.6 million PED, an increase of 4.3 million PED. The total amount increased significantly more in SEK as the SEK/USD exchange rate has increased from 9.04 SEK/USD at year-end 2021 to 10.44 SEK/USD at year-end December 2022 (10 PED = 1 USD). As a result, the amount increased during the year by 23 million SEK, from 119.6 million SEK to 142.6 million SEK. The total amount of “Unconsumed user holdings” is a variable amount that varies with the different activities within Entropia Universe. Historical figures show that 27-35% of funds deposited by users are later withdrawn. The remaining funds are either consumed or remain in the accounts of users in the form of digital inventory, or cash in the form of the virtual currency PED. However, it is a prerequisite for the continuation of Entropia Universe that MindArk pays out requested withdrawals and therefore the portion of the unspent user funds which is likely to be withdrawn, should be indebted. With these facts in hand, the real debt is estimated to be 33% of the unconsumed user holdings available at the time of booking. This means that the real debt at the end of December is 45.1 million PED, equivalent to SEK 47.1 million SEK. The allocation for unconsumed user holdings has therefore been adjusted for this as well as for currency adjustments at the end of December.
 
Unconsumed user holdings All users in Entropia Universe have an in-game account where cash in the form of the virtual ingame currency PED or items are placed. The sum of these cash funds and digital items is the user’s unconsumed user holdings. Unconsumed user holdings have increased during the full year 2022, from 132.3 million PED to 136.6 million PED, an increase of 4.3 million PED. The total amount increased significantly more in SEK as the SEK/USD exchange rate has increased from 9.04 SEK/USD at year-end 2021 to 10.44 SEK/USD at year-end December 2022 (10 PED = 1 USD). As a result, the amount increased during the year by 23 million SEK, from 119.6 million SEK to 142.6 million SEK. The total amount of “Unconsumed user holdings” is a variable amount that varies with the different activities within Entropia Universe. Historical figures show that 27-35% of funds deposited by users are later withdrawn. The remaining funds are either consumed or remain in the accounts of users in the form of digital inventory, or cash in the form of the virtual currency PED. However, it is a prerequisite for the continuation of Entropia Universe that MindArk pays out requested withdrawals and therefore the portion of the unspent user funds which is likely to be withdrawn, should be indebted. With these facts in hand, the real debt is estimated to be 33% of the unconsumed user holdings available at the time of booking. This means that the real debt at the end of December is 45.1 million PED, equivalent to SEK 47.1 million SEK. The allocation for unconsumed user holdings has therefore been adjusted for this as well as for currency adjustments at the end of December.

Oh. Thx. I stand corrected.

Then they are missing 1.5M euros to cope up with liquidity they estimate. Stated black on white.

So there you go. 1.5M euros of deposits are needed to cover withdrawals as of 31.12.2022 report states. *

I.

* note that is total sum of future estimated withdrawals

P.S.
To compare - at the end of 2021. they had 1M euros left after covering their estimated wd amount (49MSEK in cash, 39MSEK estimated to wd). Last year they ended up 1.5M euros in red (32MSEK cash, 47MSEK to wd). Not a great trend :\
 
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