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Mt. Gox, one of the world’s biggest Bitcoin trading exchanges, has temporarily

suspended all Bitcoin withdrawals with immediate effect as the team seeks to

resolve technical issues experienced by some users while withdrawing

Bitcoin.

The exchange says that the increase in withdrawal traffic was “hindering” its

efforts on a technical level, and to “get a better look at the process the

system needs to be in a static state.”

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.

Mt. Gox says withdrawals waiting to be processed will be returned to users’

wallets and can be re-initiated once it has resolved the technical issues.

Customers can still use the trading platform as per usual.

The company will provide an update on Monday as it works through the

weekend to resolve the problems.

Consequently, the price of Bitcoin has dropped. According to BitcoinWisdom,

Bitcoin hit $619 at its lowest point today, from about $783 just 12 hours ago.

It has started to rise slowly again — but is still far from the price it recorded

yesterday.


Screen shot 2014 02 07 at PM 06.37.05 730x436 Bitcoin plunges as exchange

Mt. Gox pauses all withdrawals due to technical issues

Japan-based Mt. Gox is a service that allows Internet users to trade real-world

currency for Bitcoin and vice-versa, but it has been beset with growing pains

due to its popularity. The company suspended US dollar trading for two weeks

in June and July last year to improve its service, and has suffered a number

of DDoS attacks in the past — it was even forced to halt trading in April

following a major Bitcoin price crash.

Subsequently in August, Mt. Gox announced that its service was running on

Akamai, a move that it hoped could bring greater stability to the growing

platform.