MtGox to resume withdrawals soon according to official statement

Following MtGox’s statement last week on withdrawals being held, the Japanese Bitcoin exchange has released another statement on withdrawals soon being resumed.

The statement mentions a workaround regarding the transaction malleability issues which was the reason MtGox initially halted the withdrawals. Along with BlockChain.info, MtGox has created a new unique identifier which should “fix” the previous issues of faulty BTC trasnactions being placed.

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An expert from MtGox’s statement:

“We apologize for the inconvenience caused by the recent suspension of external bitcoin transfers. Fortunately, as we announced on Saturday we have now implemented a solution that should enable withdrawals and mitigate any issues caused by transaction malleability (please see our previous statements for details on this issue.

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Thanks to our friends at Blockchain.info, MtGox now has a workaround that will use a unique identifier created by Blockchain to show whether transactions have been modified or not. This will prevent any fraudulent use of the malleability issue and protect the assets of our customers.”

Re-indexing the entire Bitcoin Blockchain was needed to implement the new workaround. The workaround includes a new NXT ID, and a new BTC withdrawal queue which requires testing prior to beginning customer withdrawals. MtGox will also instill new security measures which include email notifications after an account is logged in.

MtGox is taking a different tone with the new statement, continuously notifying users of the status of the issue. This is a welcome change to MtGox’s automatic Twitter-bot replies and customer complaints which can go unanswered.

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