14 February 2016

Mt. Gox promises to resume withdrawals 'soon'

17 February 2014  |  777 views  |  0 Source: Mt. Gox

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. 

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