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Japanese Bitcoin exchange Mt Gox temporarily halts withdrawals

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February 7
7:03 AM 2014

Mt Gox announced on its site that it has temporarily paused Bitcoinw withdrawals to fix a technical issue, according to TechCrunch.

The statement that Mt Gox posted begins: "During our efforts to resolve the issue being encountered by some bitcoin withdrawals it was determined that the increase in withdrawal traffic is hindering our efforts on a technical level. As 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."

The statement went on to apologize for the very short notice of service interruption. Mt Gox also said queued withdrawals will be returned to customers' MtGox wallet and the transaction will be resumed after the issue is cleared. Meanwhile, the trading platform is operating as usual. The management of the Bitcoin exchange will be working to resolve the issue over the weekend and will post an update on February 10, the report detailed.

The increase in withdrawal traffic may be due to the concerns of investors after Apple pulled Bitcoin wallet app Blockchain from the App store yesterday. Over the previous day, the price of the digital currency has steadily dropped and is now at $722.86, TechCrunch reported.

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