Bitcoin Exchange Mt. Gox Apologizes About Crippling Hack, Says Withdrawals to Resume Soon Troubled virtual currency platform rolls out new system, set to rebound from recent attack.

By Kim Lachance Shandrow

Opinions expressed by Entrepreneur contributors are their own.

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

Former West Coast Editor

Kim Lachance Shandrow is the former West Coast editor at Entrepreneur.com. Previously, she was a commerce columnist at Los Angeles CityBeat, a news producer at MSNBC and KNBC in Los Angeles and a frequent contributor to the Los Angeles Times. She has also written for Government Technology magazine, LA Yoga magazine, the Lowell Sun newspaper, HealthCentral.com, PsychCentral.com and the former U.S. Surgeon General, Dr. C. Everett Coop. Follow her on Twitter at @Lashandrow. You can also follow her on Facebook here

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Franchise

From Powerhouses Like Jersey Mike's and Taco Bell to Icons Like Pizza Hut, These are the Top Fast-Food Franchises in 2025

Discover the 10 most successful QSR franchises of 2025, based on Entrepreneur's Franchise 500 ranking.

Business Process

Who's in Your Inner Circle? How Your Closest Connections Shape Your Success

Your success is shaped by the five people you spend the most time with — choose wisely.

Business Ideas

70 Small Business Ideas to Start in 2025

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2025.

Starting a Business

'Don't Wait Until Everything Is Just Right': How a Common Frustration Inspired This Entrepreneur to Co-Found a Thriving Business

Mike Mayer, co-founder and co-CEO of Windmill, shares how an annoying struggle with an air conditioning unit sparked the idea for an innovative air quality company.

Business News

Walmart Is Laying Off Hundreds, Relocating Others as the Company Closes a U.S. Office

Walmart is giving some employees at least a month to decide if they want to relocate.