Just days following an explanation that withdrawal delays were only affecting some customers, all users of the Japan-based bitcoin exchange Mt. Gox will be unable to withdraw their money, according to a statement released today.
“In our efforts to resolve the issue being encountered by various bitcoin withdrawals, it was determined that the increase in the flow of withdrawal requests has hindered our efforts on a technical level. To understand the issue thoroughly, the system needs to be in a static state,” the statement reads.
“In order for our team to resolve the withdrawal issue it is necessary for a temporarily pause on all withdrawal requests to obtain a clear technical view of the current processes.”
The move has made many in the community question whether or not this may be the end of Mt. Gox, once the largest bitcoin exchange in the world. The price today has certainly taken a tumble as a result, dropping over a whopping 14 percent in the past 24 hours to $740/bitcoin.
Gox notes that trading shall resume as normal, and another update with be coming Monday, February 10th.
It certainly seems as if this exchange is have liquidity issues — just not enough on-hand to cover all withdrawals. It’s a huge problem, and Gox customers are going to have a tremendously difficult time trusting this exchange moving forward.
Are you a Mt. Gox user? If so, what are your thoughts?