Hopes for Bitcoin withdrawals from Mt Gox dashed to pieces

Bitcoin prices on the Japanese exchange are diving to $140 as the promised update by Thursday is delayed

We hope that you haven’t been amongst those unfortunate souls that were waiting for the promised announcement of Mt Gox related to the suspended withdrawals from the exchange. Unfortunately the news aren’t any good. The company has merely released a press release that in addition to the technical issues that are accompanying the exchange Mt Gox has started experiencing some security issues.

That has triggered a relocation of the company’s office to a previously occupied office building in Tokyo’s shopping district Shibuya. The move has pushed back the progress that was claimed to be achieved on Monday and the press release merely stated that unfortunately at this point in time all that the exchange can release as an update is just another update…

Unfortunately our worst fears have been confirmed – the status of withdrawals from this exchange is getting very close to a state of “Forget about it!”. As we have already expressed in our previous comment on the Mt Gox’s press release on Monday, this exchange could well be dead in the water since any sound minded customer would be withdrawing and running away fast from the Japanese exchange.

Forex brokers were very quick to react to recent developments in the Bitcoin market. Recently several price feeds were switched away from Mt Gox to BTC-e which alongside BitStamp currently appear to be the exchanges of choice for most of the transactions in the digital currencies world.

Now hopes that withdrawals can ever happen have been completely dashed by the press release on Mt Gox’s website.

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