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Bitstamp to Resume Bitcoin Withdrawals Today
Following the DDoS attack, Bitstamp has revealed plans to start processing its customers' bitcoin withdrawals again later today.
By Emily Spaven
Updated Sep 11, 2021, 10:21 a.m. Published Feb 14, 2014, 10:55 a.m.
UPDATE (14th February, 11:38 GMT): Bitcoin exchange BTC-e has confirmed it is processing bitcoin withdrawals.
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Bitstamp has revealed it plans to start processing its customers' bitcoin withdrawals again later today.
The exchange halted bitcoin withdrawals earlier this week after it was discovered a bot had launched a massive DDoS attack on a number of bitcoin exchanges.
A tweet from the BitStamp this morning read:
Bitstamp & Bitcoin core developers have implemented a solution that passes our preliminary tests and audits. News: http://t.co/azGqiX4hqL
— Bitstamp (@Bitstamp) February 14, 2014
Bitstamp issued the following statement on its site earlier:
Dear Bitstamp clients,
A denial-of-service attack caused us to suspend the processing of Bitcoin withdrawals. Bitstamp, with help from the Bitcoin core developers, has implemented a solution that passes our preliminary tests and audits.
After additional testing, we plan to enable Bitcoin withdraws later today.
Thank you for your understanding!
Best regards,
The Bitstamp team
Nejc Kodrič, CEO of BitStamp, told CoinDesk that the solution his team is using has worked so far, but still needs further testing.
"Keep in mind that our solution worked on a small amount of transactions in our development environment," he said.
Andreas Antonopoulos, chief security officer of Blockchain.info, predicted on Tuesday that it would only take bitcoin exchanges a couple of days to implement solutions to the issues they were facing. He said:
“I would expect to see withdrawals flowing again within 24 and 72 hours, and in the meantime, any withdrawals that were cancelled will reappear in customer account balances.”
It appears he was correct.
The founders of BTC-e told CoinDesk all withdrawals that had been stuck in limbo over the past few days have now been transferred.
"There are not any issues [with withdrawals at BTC-e], currently everything is working smoothly," they said.
The exchange's site has experienced some downtime recently and the founders confirmed this was because of the DDoS attack.
"The only one issue which is still in process is the DDoS attack. We are working to resolve it as soon as possible. We are working to keep site up until the DDoS attackers will understand that the attack is useless," they concluded.
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