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Bitcoin withdrawals will return soon says Mt Gox

Mt. Gox says it will reopen withdrawal transactions "soon," after bug fix has been implemented and tested

Charles Gantt | Feb 17, 2014 at 12:21 pm CST (1 min, 11 secs time to read)

Bitcoin exchange Mt. Gox has just announced that it has developed a workaround for the software bug that forced it to suspend all Bitcoin withdrawal transactions last week. The fix was developed in partnership with Blockchain.info, and Mt. Gox said that it has been implemented into its system and will prevent any fraudulent use of the malleability issue that shut down the system.

Bitcoin withdrawals will return soon says Mt Gox | TweakTown.com

Mt. Gox says that along with the implementation of the malleability fix, withdrawals will resume "soon," and that the new system will be rolled out at a moderate pace. The new system also features new daily and monthly withdrawal limits that are designed to limit adverse effects on the exchange system based on current market conditions. Mt. Gox said that it is currently re-indexing the entire Blockchain of about 32 million entries, deploying the new NTX ID system, and implementing a new Bitcoin withdrawal queue that will undergo further testing before withdrawals are reinstated.

We should know more by this Thursday when Mt. Gox is expected to make another announcement on its plans to bring withdrawal transactions back online. At the moment the lack of withdrawals is seriously hurting Bitcoin prices on Mt. Gox, with a single Bitcoin now trading at about $320. That means that Bitcoins have fallen more than $300 since withdrawals were suspended. Until things return to normal, I fully expect to see Bitcoin's fall further on the third largest Bitcoin exchange.

Last updated: Apr 7, 2020 at 11:42 am CDT

Charles Gantt

ABOUT THE AUTHOR - Charles Gantt

A web developer by day, Charles comes to TweakTown after a short break from the Tech Journalism world. Formerly the Editor in Chief at TheBestCaseScenario, he now writes Maker and DIY content. Charles is a self proclaimed Maker of Things and is a major supporter of the Maker movement. In his free time, Charles likes to build just about anything, with past projects ranging from custom PC cooling control systems to 3D printers. Other expensive addictions include Photography, Astronomy and Home Automation.

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