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Bitcoin crash: Customer withdrawals resumed on Bitstamp

Bitcoin crash: Customer withdrawals resumed on Bitstamp.
Photo by Joe Raedle/Getty Images

Bitcoin crash results in exchange fix. Customer withdrawals resumed on Bitstamp, one of the top Bitcoin exchanges by trading volume. According to The Next Web on Feb. 14, the exchange is allowing its customers to withdraw funds today.

The Bitcoin exchange says it’s been working with “core” Bitcoin developers on a fix, which has now passed its internal tests and audits.

In a update to a previous story, "Bitcoin crash: Several exchanges temporarily halt withdrawls," covered by this author earlier this week, business is slowly resuming back to normal on this major Bitcoin exchange.

The Bitcoin crash over the past weekend was blamed on a number of factors including a "bug" in the Bitcoin software coupled with numerous denial-of-service (DOS) attacks on the exchanges. The glitch, called a "Transaction Malleability" error, is being worked on an exchange-by-exchange basis.

Besides lower prices the exchange that was most affected by the recent Bitcoin crash, known as MtGox, is still on deathwatch. Reporting Bitcoin prices much lower than the other major exchanges is not a good sign of health. In a normal market the price of a single commodity should be nearly identical across exchanges where is it traded.

Stay tuned and bookmark this page for updates, as new information will be reported as this ongoing story continues to develop.

What do you think about the Bitcoin crash story? Please drop in your comments below.

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