Bitcoin Trading Platform Mt. Gox Apologizes, Withdraws to Restart!

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bitcoin trading platform mt gox news
Bitcoin trading platform Mt. Gox breaking news!

Mt. Gox is the world’s first bitcoin trading platform company and probably the first to get hacked and bitcoins stolen by hackers. The news broke out a few days ago that hackers walked or should we say stream away with over $2.7 millions of bitcoins belong to bitcoin traders, buyers and sellers using Mt. Gox. The Tokyo-based company and the first ever bitcoin exchange quickly shutdown their entire network locking out everyone from accessing and performing any type of bitcoin activities, even preventing worrying customers from withdrawing their hard earned bitcoins.

End of Mt. Gox as a Bitcoin Trading Platform?

Today (Feb. 17, 2014), Mt. Gox sent out emails to customers and issue an official press release saying customers should be able to withdraw from their accounts and other activities should resume starting Feb. 20th. This time however, there is a daily and monthly withdraw limit. Mt. Gox claims the new restriction is to prevent and protect against future threats. Could this spell out the end of Mt. Gox as a bitcoin trading platform?

Mt. Gox also says they have implemented other security measures. One of such measures they emphasized is the login system. Mt. Gox claims the new login system will notifies customers by email when they successfully access their accounts. “This is an additional security layer, but as always we strongly encourage our customers to use the 2-step authorization options available in our Security Center,” Mt. Gox stated in the letter to customers.

Below is the letter sent out to Mt. Gox customers (including me) by Mt. Gox’s team

Dear MtGox Customers,!

We apologize for the inconvenience caused by the recent suspension of external
bitcoin transfers. Fortunately, as we announced on Saturday we have now
implemented a solution that should enable withdrawals and mitigate any issues
caused by transaction malleability (please see our previous statements for
details on this issue). ”

Thanks to our friends at Blockchain.info, MtGox now has a workaround that will
use a unique identifier created by Blockchain to show whether transactions have
been modified or not. This will prevent any fraudulent use of the malleability
issue and protect the assets of our customers. ”

Resuming Withdrawals!

With this new system in place, MtGox should be able to resume withdrawals
soon. At the beginning we will do so at a moderated pace and with new daily/
monthly limits in place to prevent any problems with the new system and to take
into account current market conditions. ”

In order to launch the new system, we are going through the following steps:”

-” Re-indexing the entire Blockchain (approx. 32 million entries)”
-” Fully deploying the new NTX ID”
-” Implementing a new bitcoin withdrawal queue that needs to be tested”

We will update everyone again by Thursday at the latest. ”

Additionally, you may have noticed that we have added a new login system that
sends you an email when you successfully access your account. This is an
additional security layer, but as always we strongly encourage our customers to
use the 2-step authorization options available in our Security Center. ”

Thank you again for your support, and we look forward to resume bitcoin
withdrawals as quickly as possible. ”

Best regards,”

MtGox Team

Do you think Mt. Gox new daily/monthly withdrawal limit policy is really to protect from feature threats or simply to prevent mass exodus? 

[Source: reuters]

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Jonas Chokun

I fell in love with bitcoin about 2 years ago and have never looked back. Over a 2 year period, I learned as much as I can about this hot/new virtual currency and have bought, sold and traded a few bitcoins myself. Now, I want to share with you what I know! Enjoy.

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