Mt. Gox, one of the largest Bitcoin exchanges, has suspended Bitcoin withdrawals because of a technical issue, the company said in a Feb. 7 announcement.
The Tokyo-based company attributed the issue to an increase in the flow of withdrawal requests. "To understand the issue thoroughly, the system needs to be in a static state," the company said, adding it would provide an update on Monday, Feb. 10. The company did not provide a reason for the sudden withdrawals.
All Bitcoin withdrawals that are in the system will be returned to users' Mt. Gox wallet, and can be reinitiated once the issue is resolved. The trading platform will perform as usual, the company said.
Mt. Gox has experienced other hiccups in the past year. In May 2013 the site suffered glitches that delayed deposits. It was one of several Bitcoin exchanges to report technical problems last spring.
Around the same time, the Department of Homeland Security seized $2.9 million from Mutum Sigillum, a U.S.-based Mt. Gox subsidiary, alleging the Mt. Gox unit was in violation of the Bank Secrecy Act and other U.S. regulations governing virtual currency.
Mt. Gox did not return a request for comment by deadline.