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Bitcoin Exchange Mt. Gox Apologizes About Crippling Hack, Says Withdrawals to Resume Soon

Bitcoin Exchange Mt. Gox Apologizes About Crippling Hack, Says Withdrawals to Resume Soon
Image credit: BTC Pedia

Mt. Gox, the world’s first Bitcoin trading exchange, issued an apology today for the recent freeze in external transfers of the virtual currency due to a recent, crippling hack. The Tokyo-based company also announced in its official statement that Bitcoin withdrawals should be able to resume again soon, though at a slower pace “and with new daily/monthly limits in place” to protect against future threats.

The statement, released on the Mt. Gox website, noted that the company has rolled out a solution for the recent Bitcoin software transaction malleability woes that will allow withdrawals to resume. Exactly how soon, though, is anyone’s guess at the moment.

The company also announced that it has added a new login system that notifies customers by email when they successfully access their accounts. “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," Mt. Gox said in the letter.

Related: JPMorgan Slams Bitcoin as Exchanges Halt Withdrawals

The popular Bitcoin storage and trading platform, once the largest, is slowly rebounding from being rocked last week by a “massive and concerted” denial-of-service attack. Two days later a similar attack halted customer withdrawals at Slovenia-based Bitstamp, which is now the world’s biggest Bitcoin exchange. Bitstamp has since restored withdrawals.

Meanwhile, frustrated Mt. Gox customers, including a handful of protesters who picketed outside the company’s headquarters, continue to demand answers as to how the exchange safeguards their funds.

Earlier today, Bitcoin was trading at almost $250, according to Mt. Gox. It dipped down to $220.29 from a high of $540. However, on the Bitstamp exchange, the virtual currency is still riding as high as $643.99.

Related: Bitcoin Plunges After Mt. Gox Blocks Withdrawals

Kim Lachance Shandrow is a senior writer at Entrepreneur.com.

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