Consumer complaint received 2025-03-07 00:00:00
Product: Money transfer, virtual currency, or money service — Virtual currency
Issue: Money was not available when promised — 
Company: BitGo Holdings, Inc.
State: NH

Complaint narrative:
I am submitting this formal complaint against BitGo , IncXXXX, a digital asset bank based in California, for unjustly restricting access to {$21000.00} in U.S. dollars that belong to my XXXX, XXXX XXXX XXXX. These funds were distributed to my XXXX as part of the XXXX bankruptcy settlement, but BitGo has made it impossible to access them. Despite repeated efforts to resolve the issue, BitGo has ignored my support requests for over a month. 
Detailed Facts of the XXXX XXXX. IRA XXXX Structure & FTX Involvement : In XXXX, I opened a self-directed IRA account with XXXX to invest in my XXXX, XXXX XXXX XXXX XXXX 
XXXX XXXX XXXX held multiple crypto brokerage accounts, including XXXX with XXXX 
In XX/XX/XXXX, XXXX filed for bankruptcy. I successfully transferred the LLCs crypto assets out of XXXX, but a pending {$17000.00} ACH withdrawal to XXXX XXXX  ( Texas ) never settled. 
XXXX. XXXX Bankruptcy Settlement & BitGos Role : In XXXX, XXXX XXXX ( XXXX XXXX XXXX  ) began distributing funds for the XXXX liquidation. 
In XX/XX/XXXX, XXXX notified me that BitGo was responsible for distributing the USD funds to claimants. 
Per XXXX instructions, I successfully created a BitGo account to receive the settlement funds. 
XXXX. BitGo Account Issues & Lack of Support : Despite following all steps, XXXX system did not associate my XXXX  claim with my BitGo account. 
BitGo, however, confirmed via email that my account IS associated with my claimant status. 
Upon logging into BitGos platform, I encountered an error stating that I can not access the funds because a user named XXXX must be registered. This email is bogus and does not exist. 
I immediately contacted BitGo support at XXXX and also reached out to XXXX, who instructed me to resolve this issue directly with BitGo. 
XXXX. Lack of Response & Digital Confiscation of Funds : Over the last month, I have sent multiple support emails to BitGo and received no response. 
My support ticket remains open, but BitGo has completely ignored all communication. 
I have continued to check BitGos system, and the funds remain inaccessible with no resolution. 
This amounts to BitGo digitally confiscating my XXXX  {$21000.00}, with no legal basis or explanation. 

Legal & Regulatory Concerns BitGos actions raise serious legal and regulatory concerns, including but not limited to : Unauthorized Restriction of Funds BitGo is unlawfully withholding my LLCs rightful settlement funds. 
Failure to Provide Customer Support & Resolution BitGo has ignored legitimate inquiries regarding my funds. 
Potential Fraud or Mismanagement The assignment of a non-existent user email suggests either gross negligence or an attempt to obstruct fund access. 
Violation of Financial Consumer Protection Laws BitGos refusal to grant access to legally owned USD assets may violate California financial laws and federal MSB regulations under FinCEN.

Requested Actions & Resolution I request that regulatory authorities investigate BitGo and ensure the following : 1. BitGo immediately grants me full access to my XXXX  USD settlement funds ( {$21000.00} ). 
XXXX. If there is a legitimate compliance issue, BitGo must clearly outline the necessary steps for resolution. 
XXXX. Regulatory action be taken to prevent BitGo from continuing to withhold funds from other rightful XXXX claimants. 
I have extensive documentation, including emails, screenshots, and correspondence with XXXX and BitGo, to support my claim. I am prepared to escalate this matter legally if necessary. 
Please confirm receipt of this complaint and provide guidance on the next steps.

Company response to consumer: Closed with explanation