Bitcoin exchange Mt. Gox halts withdrawals temporarily; bitcoin drops

Mt. Gox, an online bitcoin exchange, has closed indefinitely, causing a plunge in bitcoin’s value. Above are bitcoin tokens shown in Tokyo last year.
(Tomohiro Ohsumi/Bloomberg)

Mt. Gox, a major online bitcoin exchange, on Friday halted all withdrawals indefinitely, causing another slide in the value of the unregulated digital currency.

In a statement, Mt. Gox blamed technical problems and said a pause of withdrawals is necessary to “obtain a clear technical view of the current processes.”

The online exchange said it would provide an update on Monday on its operations. Mt. Gox, however, said trading will continue. 

Bitcoin’s value was down 4.7% to $746.71, according to the CoinDesk Bitcoin Price Index, which averages prices from various exchanges. It hit a low Friday of $658.83.


The Tokyo-based exchange has experienced previous problems, partly due to growing pains attributed to the rising popularity of the online currency. It suspended U.S. dollar trading last summer for two weeks.