Bitcoin Drops After Mt.Gox Pauses All Withdrawals

MT. Gox, Japan’s biggest Bitcoin trading exchange, has stopped all Bitcoin withdrawals after a technical issue was discovered and while the technical support efforts are underway to solve the situation.

Mt. Gox has stated that the problem might have been due to an increase of withdrawals which incremented the cashier traffic and that it is now working round the clock to fix this. But for this, the system needs to be in static mode, which means no more withdrawals until further notice.

The official notification was published as “In order for our team to resolve the withdrawal issue it is necessary to temporarily pause all withdrawal traffic to obtain a clear technical view of the current processes”.

All pending withdrawals will be returned to the player wallets while the issues are solved and transactions can later be re-processed once everything is back to normal. All other features of the Mt. Gox platform are available as usual.

More updates will be available until Monday when the company expects to have everything sorted out.

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