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Photo: http://www.flickr.com/photos/100239928@N08/

Photo: http://www.flickr.com/photos/100239928@N08/

In a statement released earlier today, Mt.Gox announced plans unfreeze customer accounts “soon.” The announcement follows a terrible week for Mt.Gox, as Bitcoin prices on the troubled exchange tumbled to $220 over the weekend, over $400 lower than the values on the other major exchanges. On Saturday, Mt.Gox froze internal trading on the site while implementing new code to address lingering transaction malleability issues.

The statement explained that details on withdrawals would be coming “by Thursday,” but provided only a few specific clues as to Mt.Gox’s plans.

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.

In order to launch the new system, we are going through the following steps:

  • Re-indexing the entire Blockchain (approx. 32 million entries)
  • Fully deploying the new NTX ID
  • Implementing a new bitcoin withdrawal queue that needs to be tested

As of this writing, there were no reports that Mt.Gox accounts had been unfrozen, or that any substantial change with the exchange had taken place.

Additional details on the Mt.Gox situation to come as the story develops.

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