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.

An expert from MtGox’s statement:

“We apologize for the inconvenience caused by the recent suspension of external Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term 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. Thanks to our friends at Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term.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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