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 Second Major Exchange Follows Mt Gox In Suspending Withdrawals

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Second Major Exchange Follows Mt Gox In Suspending Withdrawals Vide
PostSubject: Second Major Exchange Follows Mt Gox In Suspending Withdrawals   Second Major Exchange Follows Mt Gox In Suspending Withdrawals Icon_minitimeWed Feb 12, 2014 7:01 am
ZeroHedge reports:

The reasons are numerous: JPMorgan has come out with a scathing attack - "bitcoin looks like an innovation worth limiting exposure to;" CoinDesk reports that major exchanges are under a "massive and concerted attack" by a bot system - creating a "fog of confusion" over the system; and perhaps most critically, BitStamp has followed Mt.Gox and halted withdrawals "due to inconsistent results from their bitcoin wallet" - due to the DDoS attacks...


From the JPMorgan hit piece:

Bitcoin’s greatest appeal is the apparent cheapness of peer-to-peer fund transfers, though it is unclear how economical these transactions truly are when the virtual world interacts with the real world. As provocative as its underlying technology may be, bitcoin’s practical role may be no larger than that of an emerging markets currency subject to exchange controls.


BitStamp has put out the following statement:

Dear Bitstamp users

Bitstamp’s exchange software is extremely cautious concerning Bitcoin transactions. Currently it has suspended processing Bitcoin withdrawals due to inconsistent results reported by our bitcoind wallet, caused by a denial-of-service attack using transaction malleability to temporarily disrupt balance checking. As such, Bitcoin withdrawal processing will be suspended temporarily until a software fix is issued.No funds have been lost and no funds are at risk.

This is a denial-of-service attack made possible by some misunderstandings in the Bitcoin wallet implementation. These misunderstandings have simple solutions that are being implemented as we speak, and we’re confident everything will be back to normal shortly.

Withdrawals which failed on the 10th and 11th of February will be canceled and the amounts added back to the customer account balances.We will communicate any further developments regarding this issue.Thank you for your understanding!

Best regards

Bitstamp team

http://www.economicpolicyjournal.com/2014/02/breaking-second-major-exchange-follows.html
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