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Topic: Mt Gox Restores Withdrawls Thread. (Read 6507 times)

hero member
Activity: 681
Merit: 507
February 11, 2014, 06:28:27 AM
#54
for those who havent read it yet, when i logged into my mtgox account, i found this statement:

Quote
Dear MtGox Customers and Bitcoiners,

As you are aware, the MtGox team has been working hard to address an issue with the way that bitcoin withdrawals are processed. By "bitcoin withdrawal" we are referring to transactions from a MtGox bitcoin wallet to an external bitcoin address. Bitcoin transactions to any MtGox bitcoin address, and currency withdrawals (Yen, Euro, etc) are not affected by this issue.

The problem we have identified is not limited to MtGox, and affects all transactions where Bitcoins are being sent to a third party. We believe that the changes required for addressing this issue will be positive over the long term for the whole community. As a result we took the necessary action of suspending bitcoin withdrawals until this technical issue has been resolved.


Addressing Transaction Malleability
MtGox has detected unusual activity on its Bitcoin wallets and performed investigations during the past weeks. This confirmed the presence of transactions which need to be examined more closely.


Non-technical Explanation:
A bug in the bitcoin software makes it possible for someone to use the Bitcoin network to alter transaction details to make it seem like a sending of bitcoins to a bitcoin wallet did not occur when in fact it did occur. Since the transaction appears as if it has not proceeded correctly, the bitcoins may be resent. MtGox is working with the Bitcoin core development team and others to mitigate this issue.


Technical Explanation:
Bitcoin transactions are subject to a design issue that has been largely ignored, while known to at least a part of the Bitcoin core developers and mentioned on the BitcoinTalk forums. This defect, known as "transaction malleability" makes it possible for a third party to alter the hash of any freshly issued transaction without invalidating the signature, hence resulting in a similar transaction under a different hash. Of course only one of the two transactions can be validated. However, if the party who altered the transaction is fast enough, for example with a direct connection to different mining pools, or has even a small amount of mining power, it can easily cause the transaction hash alteration to be committed to the blockchain.

The bitcoin api "sendtoaddress" broadly used to send bitcoins to a given bitcoin address will return a transaction hash as a way to track the transaction's insertion in the blockchain.
Most wallet and exchange services will keep a record of this said hash in order to be able to respond to users should they inquire about their transaction. It is likely that these services will assume the transaction was not sent if it doesn't appear in the blockchain with the original hash and have currently no means to recognize the alternative transactions as theirs in an efficient way.

This means that an individual could request bitcoins from an exchange or wallet service, alter the resulting transaction's hash before inclusion in the blockchain, then contact the issuing service while claiming the transaction did not proceed. If the alteration fails, the user can simply send the bitcoins back and try again until successful.

We believe this can be addressed by using a different hash for transaction tracking purposes. While the network will continue to use the current hash for the purpose of inclusion in each block's Merkle Tree, the new hash's purpose will be to track a given transaction and can be computed and indexed by hashing the exact signed string via SHA256 (in the same way transactions are currently hashed).

This new transaction hash will allow signing parties to keep track of any transaction they have signed and can easily be computed, even for past transactions.

We have discussed this solution with the Bitcoin core developers and will allow Bitcoin withdrawals again once it has been approved and standardized.

In the meantime, exchanges and wallet services - and any service sending coins directly to third parties - should be extremely careful with anyone claiming their transaction did not go through.

Note that this will also affect any other crypto-currency using the same transaction scheme as Bitcoin.


Conclusion
To put things in perspective, it's important to remember that Bitcoin is a very new technology and still very much in its early stages. What MtGox and the Bitcoin community have experienced in the past year has been an incredible and exciting challenge, and there is still much to do to further improve.

MtGox will resume bitcoin withdrawals to outside wallets once the issue outlined above has been properly addressed in a manner that will best serve our customers.

More information on the status of this issue will be released as soon as possible.

We thank you for taking the time to read this, and especially for your patience.

Best Regards,
MtGox Team


Quote
while known to at least a part of the Bitcoin core developers and mentioned on the BitcoinTalk forums
looks like they mean this post: https://bitcointalksearch.org/topic/new-attack-vector-8392

and thats the wiki entry about it: https://en.bitcoin.it/wiki/Transaction_Malleability
hero member
Activity: 602
Merit: 500
February 11, 2014, 06:26:13 AM
#53
So Gox now officially became a wallet service ?
MtGox - Your new cold storage solution
Setup:
 
Quote
1.Create MtGox account
 2.Enable 2FA
 3.Send BTC to MtGox And you are finished,
no one will able to get to your coins, they are perfectly safe. /s

is it realy working or this is just some joke? Smiley
both as above poster already wrote
full member
Activity: 181
Merit: 104
February 11, 2014, 06:10:04 AM
#52
Yes, it's really working, and yes it's a joke.

But you're welcome to go ahead and DEPOSIT your bitcoin with Gox if you like, just as he says. Just don't expect them back any time soon.
legendary
Activity: 2212
Merit: 1199
February 11, 2014, 05:46:05 AM
#51
So Gox now officially became a wallet service ?
MtGox - Your new cold storage solution
Setup:
 
Quote
1.Create MtGox account
 2.Enable 2FA
 3.Send BTC to MtGox And you are finished,
no one will able to get to your coins, they are perfectly safe. /s

is it realy working or this is just some joke? Smiley
hero member
Activity: 602
Merit: 500
February 11, 2014, 02:33:58 AM
#50
So Gox now officially became a wallet service ?
MtGox - Your new cold storage solution
Setup:
 
Quote
1.Create MtGox account
 2.Enable 2FA
 3.Send BTC to MtGox And you are finished,
no one will able to get to your coins, they are perfectly safe. /s
legendary
Activity: 2212
Merit: 1199
February 10, 2014, 05:34:19 PM
#49
So Gox now officially became a wallet service ?

Gox officialy became shitGox  Smiley

Just joking.

Wish them all best if they can handle !
sr. member
Activity: 644
Merit: 250
February 10, 2014, 02:11:53 PM
#48
So Gox now officially became a wallet service ?
sr. member
Activity: 406
Merit: 250
February 10, 2014, 02:10:58 PM
#47
Oh no! Nasty gox! I still want my cheap coins @ $600 Smiley

Cheap coins is 1 usd !
hero member
Activity: 501
Merit: 500
February 10, 2014, 05:47:07 AM
#46
The news from MtGox say that the bug is in the bitcoin software, and not exclusively in MtGox's wallet.
This is the worst news in recent history, and the impact on the market could be comparable to the 2011 hacking of MtGox.

The way I read it is that it's a known issue but it hasn't caused any real problems so far. Now it has, so now they have to fix it. It doesn't seem to require a hard fork or anything like that, so I really doubt the impact will be comparable to the 2011 hacking event.

We don't know how long it will take to fix it. I'll keep an eye on the Developer section, but for now nothing on this issue.
In the meantime, the coins stolen from MtGox (and possibly other exchanges) by exploiting this security flaw are probably going to be dumped or spent.
The market was already in bear phase (wave C), but a mild one. With confidence broken, it could turn into a harsh one.

My understanding is, this is a real issue in the protocol, but it could be trivially worked around by Gox if they watched the blockchain a bit more closely.
legendary
Activity: 2156
Merit: 1094
February 10, 2014, 05:44:03 AM
#45
The news from MtGox say that the bug is in the bitcoin software, and not exclusively in MtGox's wallet.
This is the worst news in recent history, and the impact on the market could be comparable to the 2011 hacking of MtGox.

The way I read it is that it's a known issue but it hasn't caused any real problems so far. Now it has, so now they have to fix it. It doesn't seem to require a hard fork or anything like that, so I really doubt the impact will be comparable to the 2011 hacking event.

We don't know how long it will take to fix it. I'll keep an eye on the Developer section, but for now nothing on this issue.
In the meantime, the coins stolen from MtGox (and possibly other exchanges) by exploiting this security flaw are probably going to be dumped or spent.
The market was already in bear phase (wave C), but a mild one. With confidence broken, it could turn into a harsh one.
hero member
Activity: 784
Merit: 1000
February 10, 2014, 05:43:52 AM
#44
bitcoin is broken

/end thread
full member
Activity: 195
Merit: 102
DiMS dev team
February 10, 2014, 05:43:04 AM
#43
although I have made only mistakes  concerning this market recently and probably will lost all what I have on gox ( something like $15k )
I received new injection of adrenaline, at least this feels good among this recent january gray boredom
legendary
Activity: 1246
Merit: 1000
February 10, 2014, 05:34:27 AM
#42
The news from MtGox say that the bug is in the bitcoin software, and not exclusively in MtGox's wallet.
This is the worst news in recent history, and the impact on the market could be comparable to the 2011 hacking of MtGox.

The way I read it is that it's a known issue but it hasn't caused any real problems so far. Now it has, so now they have to fix it. It doesn't seem to require a hard fork or anything like that, so I really doubt the impact will be comparable to the 2011 hacking event.
full member
Activity: 238
Merit: 100
Stand on the shoulders of giants
February 10, 2014, 05:29:00 AM
#41
It's now past noon here in Japan and not a peep from Gox. Yup, sounds like things are going well!

are you sync your watch through NPT server ?
legendary
Activity: 2156
Merit: 1094
February 10, 2014, 05:20:51 AM
#40
The news from MtGox say that the bug is in the bitcoin software, and not exclusively in MtGox's wallet.
This is the worst news in recent history, and the impact on the market could be comparable to the 2011 hacking of MtGox.
sr. member
Activity: 339
Merit: 250
February 10, 2014, 03:34:20 AM
#39
Statement Regarding BTC Withdrawal Delays

Tokyo - JAPAN - February 07, 2014 February 10, 2014

Dear MtGox Customers,

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.

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.

We apologize for the sudden short notice. All bitcoin withdrawal requests will be on pause, and the withdrawals in the system will be returned to your MtGox wallet and can be reinitiated once the issue is resolved. The trading platform will perform as usual for the needs of our customers. 



Our team will resolve this problem as soon as possible and will provide an update on Monday, February 10 February 11, 2014 (JST).



We deeply apologize for the inconvenience caused, and thank you for your kind support and considerations. 


Sincerely,

The MtGox Team
sr. member
Activity: 350
Merit: 253
February 10, 2014, 03:19:52 AM
#38
past 5pm here in Japan. Don't hold your breath on this announcement. maybe we'll see it at 11:59. we have taken your money and are now writing from the wifi network of our hotel in the bahamas.
legendary
Activity: 1414
Merit: 2174
Degenerate bull hatter & Bitcoin monotheist
February 10, 2014, 02:23:47 AM
#37
So before midnight then. 
legendary
Activity: 1526
Merit: 1001
February 10, 2014, 01:53:48 AM
#36
The Sydney Morning Herald writes:

Bitcoin price drops as Mt. Gox exchange closes indefinitely

Read more: http://www.smh.com.au/business/markets/bitcoin-price-drops-as-mt-gox-exchange-closes-indefinitely-20140210-32ap1.html#ixzz2stqGD9t0

" It promised an "update" - not a reopening - on Monday, February 10, Japan time."

sr. member
Activity: 350
Merit: 253
February 10, 2014, 01:49:49 AM
#35
Almost 4pm now. I think it's time to entertain the possibility that we're not going to hear anything from mt cocks today, or maybe ever again.
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