Mt. Gox Says Bitcoin Withdrawals to Resume Soon

No exact timeline was provided, but the fix is already being installed

By on February 17th, 2014 12:54 GMT

It’s been over a week since Bitcoin withdrawals were blocked over on Mt. Gox and the company is finally claiming that things will be back to normal soon.

The world’s largest Bitcoin exchange says that it has finally found a workaround for the Bitcoin transaction issues, which means that Bitcoin withdrawals will be permitted again soon.

“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,” Mt. Gox wrote in a blog post.

The solution seems to be coming from Blockchain.info. The workaround will use a unique identifier created by the site, which will show whether transactions have been modified or not, which should help prevent fraudulent use of the malleability issue and protect the assets of Mt. Gox customers.

As a reminder, Mt. Gox discovered a delay during Bitcoin withdrawals, which allowed some users to issue another transaction over the same Bitcoin. In turn, on February 7, Mt. Gox stopped withdrawals in order to figure out how it could solve the issue.

Despite heavy criticism, the company maintained the block.

Now that Mt. Gox is implementing the workaround, the company had to re-index the entire Bitcoin block chain with some 32 million entries, to fully deploy the new NTX ID and apply the new queue. The system still needs to be tested before withdrawals are allowed.

Additional security measures were also added, including email notification for users after login.

Mt. Gox has made a lot of people angry over the last week as their funds were blocked, but in the end, all the changes are supposed to make the platform safer.

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