MtGox Resuming Withdrawals “Soon” – Created Fix for Bitcoin Issue

Bitcoin exchange MtGox send the Bitcoin on a crash course after their announcement of suspending withdrawals due to “transaction malleability” and lost a lot of credit and respect within the established Bitcoin community. This bug was a problem for all Bitcoin exchange sites, but all other large Bitcoin exchanges quickly reopened for withdrawals, while MtGox has handled things completely awful.

Now it seems that there is finally some good news on its way from MtGox, as they send out a press release yesterday, saying they are hoping to resume processing withdrawals very soon. They have developed a fix for the transaction malleability issue and simply have to test the fix before they reopen for withdrawals.

In the press release MtGox says that they will use a “unique identifier” which has been developed by the team behind Blockchain.info, which can show if a transaction has been modified or not. However this brings a new problem, as people are speculating into if it could create a new loophole where a payment were send the next time incorrectly.

“With this new system in place, Mt. Gox should be able to resume withdrawals soon,” MtGox said in the press release and continued:

 “At the beginning we will do so at a moderated pace and with new daily and monthly limits in place to prevent any problems with the new system and to take into account current market conditions.”

MtGox will now need to re-index the entire blockchain with approximately 32 million transactions as well as test a new withdrawal system for Bitcoins. In the press release MtGox stated that they will release further information this Thursday.

Daniel Allermand

Daniel Allermand is a freelance writer, with more than 4 years of experience in the industry as an operator, affiliate and poker player. Daniel has decided it was time to try and bring more coverage about the industry to the general public by writing articles about everything from poker to casino.  

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