Troubled Mt. Gox says Bitcoin exchange will resume ‘soon’

Leading Bitcoin exchange Mt. Gox apologized on Monday for a 10-day disruption that has prevented customers from exchanging the virtual currency on its platform and said trading should resume again “soon.”

The problem stems from what appears to be a broader issue with the Bitcoin system, which is a distributed set of protocols that are not controlled or maintained by any single entity.

In addition to Mt. Gox, the Bitstamp and BTC-E exchanges were also hit with problems, though the other two have since resumed operations.

Mt. Gox stopped letting customers withdraw Bitcoins on Feb. 7, saying there was some kind of glitch in the Bitcoin system.

The company says it has developed a workaround that it is in the process of implementing. However, the company said the fix would take some time, and that it would only gradually resume trading.

In a letter to its customers posted on its website, the company said:

“With this new system in place, Mt. Gox 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.”

Mt. Gox said it hopes to have more information for its users by Thursday.

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