MtGox Applies Pause to Bitcoin Withdrawals

MtGox, one of the largest exchanges for Bitcoin, said that it has temporarily suspended withdrawals of the digital currency in order to resolve a technical issue.

A statement posted by the Japan-based exchange to clients reads as follows:

“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. 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.

We apologise for the extremely short notice, but as of now all Bitcoin withdrawals will be paused, and withdrawals in the queue will returned to your MtGox wallet and can be re-initiated once the issue is resolved. Customers can still use the trading platform as usual.

Our team will be working hard through the weekend and will provide an update on Monday, February 10, 2014 (JST).

Again, we apologise for the inconvenience, and ask for your continued patience and support while we work to resolve this issue.”

Reports suggest that the increase in withdrawals could reflect investor concern after Apple’s decision to drop Blockchain, the last Bitcoin wallet app, from the App Store, which has driven the price of Bitcoin lower. However, several investors and Bitcoin-related start-ups retorted that Apple has taken a negative stance toward the digital currency for a while, and they expect the drop in value to be temporary.

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