Nishtha KanalFeb 18, 2014 11:31:17 IST
Over a week after Mt. Gox halted withdrawals indefinitely thanks to some unusual activity being detected, the Bitcoin digital marketplace said that it has found a workaround to the problem and withdrawals will resume soon.
In a statement, Mt. Gox said that it had found a solution that should enable withdrawals and mitigate any issues caused by transaction malleability. The bug in Bitcoin software found by Mt. Gox allowed users to alter transaction details. Essentially, someone on the network could alter details of his transaction to make it look like a transfer of Bitcoins from one wallet to another had never occurred, while it would have actually taken place. This would mean that a transfer gets repeated.
Mt. Gox said that it had managed to find a workaround owing to the help it received from another Bitcoin digital wallet service - Blockchain.info. A unique identifier created by Blockchain will be employed by Mt. Gox to check whether transactions have been modified or not. This is supposed to prevent any further fraudulent use of the malleability issue.
While a specific date has not been revealed in the statement, Mt. Gox hopes to implement the new system and 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,” Mt. Gox said in a statement.
In order to launch the new systems, Mt. Gox will have to re-index the entire Blockchain which consists of about 32 million entries, fully deploy the new NTX ID as well as implement a new Bitcoin withdrawal queue which will also need to be tested. The service has even put into place a new system where users receive an email after logging into their accounts successfully as an added security layer but Mt. Gox has also said that users should opt for the two-factor authentication available for the service.
A further update is expected from Mt. Gox on Thursday.
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