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.

Side Hustle

Want to Start a Side Hustle Helping a Small Business? Here Are the Gigs That Pay the Most.

It's National Small Business Month — and a great time to start a side hustle.

Making a Change

A One-Time Payment of $20 Gets You Access to 1,000+ Courses Forever

Curated, high-impact courses across business, tech, and more.

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.

Buying / Investing in Business

Former Zillow Execs Target $1.3T Market

Co-ownership is creating big opportunities for entrepreneurs.

Business News

How AI Can Help You Cut Through Tariff Chaos — in Just 3 Simple Steps

Unpredictable tariffs are threatening your business survival. The good news? AI can help you quickly tackle supply chain disruptions before they spiral out of control.

Franchise

She Turned a Temporary Post-College Job Into Starting a Business at 23. Then Some 'Eye-Opening' Advice Helped Her Grow It to $5 Million.

Brooke Wilson turned a part-time, temporary role into a $5 million business with a combination of ambition, team-building and learning to delegate.