Posts Tagged ‘Mtgox’

MtGox Exchange Rate Still Going Down, BTC Withdraws not Yet Resumed

20, Feb 2014

mtgox-exchange-rate-still-going-down

In a previous statement regarding the situation with the suspended BTC withdraws at MtGox the company has said that this Thursday (today) they could restore the normal operations including BTC withdraws as they have worked on a workaround to prevent fraudulent use of the reported malleability issue with BTC transactions. Today however they have released an update on the situation and they still haven’t restored normal BTC withdraw operations while meanwhile the exchange rate of BTC at MtGox continues to fall and is closing to $100 USD mark. The good thing is that the exchange rate of BTC in other major exchanges has stabilized already and is not affected that much by MtGox’s very low rate because of the BTC withdraws being suspended there for a while already. Below is the official statement from MtGox from today:

Thank you for your patience this week while we are working on re-initiating bitcoin withdrawals. In addition to the technical issue, this week we have experienced some security problems, and as a result we had to relocate MtGox to our previous office building in Shibuya (details can be found here https://support.mtgox.com/home). The move, combined with some other security and technical challenges, pushed back our progress.

As much as we didn’t want to only provide an “update on an update”, this is the current status. We are committed to solving this issue and will provide more information as soon as possible to keep everyone in the loop.

We are very sorry for the delays and deeply appreciate your kind understanding and continuous support.

Best regards,
MtGox Team

MtGox Has Announced the Resuming of BTC Withdraws Soon

17, Feb 2014

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MtGox has released an official statement today that they will be resuming full operations soon as they have apparently implemented a solution that should enable withdrawals and mitigate any issues caused by transaction malleability. MtGox apparently has developed a workaround that will use a unique identifier created by Blockchain to show whether transactions have been modified or not. This is supposed to prevent any fraudulent use of the malleability issue and protect the assets of MtGox 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.

Hopefully this will help in stabilizing BTC exchange rate in the next few days, especially after MtGox resumes full trading operations including BTC withdraws and this will calm the situation that has gone crazy. Bitstamp has already restored their automated Bitcoin withdraws, so this announcement from MtGox should also help in restore things back to normal.

The BTC Exchange Rate Still Going Down Not Only at MtGox

13, Feb 2014

mtgox-exchange-rate-going-down

The Bitcoin exchange rate at MtGox is still going down as a result of the recent problems they’ve had and the announcement they have made resulting in stopping BTC withdraws. The reason for that is simple – a lot of people that are trading on MtGox are selling their BTCs and are withdrawing in cash not willing to wait for the recovery of BTC withdraws. MtGox however is famous with another thing and that is the significant delays they have for processing cash withdraws, especially for European bank transfers that can take up to 6 weeks. That and the fact that MtGox has been “adding LTC trading” for months already has positioned MtGox from the place of a leading Bitcoin exchange to a literally dying exchange that is loosing more and more to other newer crypto exchanges that are more flexible and faster operating. The problem is that MtGox is now bringing the exchange rate of BTC and other cryptos in other exchanges down, so the faster MtGox either resolves the issues and restores BTC withdraws or completely shuts down happens the faster things will normalize. At the moment MtGox is just fueling panic in a lot of users and creating some good opportunities for money making for others. The question if you should be worried about MtGox killing Bitcoin should be asked the other way around – will Bitcoin kill MtGox and the answer is probably yes, or actually MtGox are killing themselves.

Bitstamp, another of the top BTC exchanges has also halted temporary Bitcoin withdraws and deposits and this also resulted in the exchange rate going down at that exchange as well. The situation here however is not as bad as with MtGox and customers using Bitstamp actually expect that the services will be resumed soon unlike on MtGox. Another among the most used BTC exchange BTC-E still has not halted operations regarding BTC transfers and although you can see some drop in the BTC exchange rate and other crypto currencies traded there as well.

– Read a recent interview with MtGox’s CEO Mark Karpeles at Forbes…


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