In somewhat good news, Bitcoin exchange MtGox has announced that users will soon be able to make withdrawals again.
“We apologise for the inconvenience caused by the recent suspension of external bitcoin transfers,” they said in a statement on Monday. “Fortunately, as we announced on Saturday we have now implemented a solution that should enable withdrawals and mitigate any issues caused by transaction malleability.”
“With this new system in place, MtGox should be able to resume withdrawals soon. At the beginning we will do so at a moderated pace and with new daily/monthly limits in place to prevent any problems with the new system and to take into account current market conditions.”
MtGox halted withdrawals after it discovered an exploitable glitch in its software.
“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,” they said. “This will prevent any fraudulent use of the malleability issue and protect the assets of our customers.”
Unfortunately, damage has been done to the already fragile relationship the world has with the unconventional currency.
“Bitcoin evangelists are surely deluding themselves if they think this week’s hacks were anything less than a huge setback for widespread Bitcoin adoption,” argued Business Insider’s Rob Wile.
Things are worse for MtGox, the once dominant Bitcoin exchange, where trading volume has dried up and prices trade at a significant discount relative to peers.
Business Insider Emails & Alerts
Site highlights each day to your inbox.