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Mt. Gox Beefs up Security with One-Time Password Card, Now Offers No Fee Trade Untill Cyber Monday

The Bitcoin exchange, Mt. Gox has beefed up its security with a one-time password card. The Japanese agency has updated several features including MtGox OTP card, modified trading interface and increased SEPA withdrawal limits. It is also fee free trade from Bitcoin Black Friday through Cyber Monday.

Nov 29 2013, 3:26am CST | by

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Mt. Gox Beefs up Security with One-Time Password Card
Image Credit: Mt. Gox

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Mt. Gox Beefs up Security with One-Time Password Card, Now Offers No Fee Trade Untill Cyber Monday

Mt. Gox happens to be the one of the largest Bitcoin exchange agencies. It has finally decided to address safety concerns. It is now offering its users a no fee trade from Bitcoin Black Friday through Cyber Monday. Among the steps that have been taken for the sake of protection is the introduction of a new OTP card. The battery-containing password creator easily hooks up with a customer’s account. It may even be employed for further security purposes such as keeping a password in its memory bank. 

"With Bitcoin prices at record highs you can never be too careful with maintaining account security. Malicious parties can compromise your login information if you aren’t careful, but by using a one-time password (OTP) you can prevent anyone from being able to use that information to access your account," Tokyo-based exchange states in a press release.

Besides this it may be used to create a novel password each time the user employs it for his daily transactions. It has a cost price of almost $40 and is currently undergoing shipments for delivery. Meanwhile, Mt. Gox has also increased limits for SEPA withdrawls from Poland. 

A transformed trading interface has been issued by Mt. Gox too. At the beginning of 2013, Mt. Gox announced that it was teaming up with Akamai to make its functions a faster phenomenon. Meanwhile, the new revamping that has taken place is more superficial in nature. Indicators of different hues signify purchases made and items sold. Furthermore, cash nexus fees that occur at the time of a transaction are recorded too. Additionally, all BTC transfers will be liable to pay 0.001 network charges. 

This was a necessary step for the quicker relay of transaction times. On the other hand, it is common knowledge that Mt. Gox has its share of serious issues. From DDoS forays to banking procrastinations, it is facing a time of troubles. Even the US government grabbed some if its funds. This has caused Mt. Gox to back down from its #1 spot. That position now goes to BTC China.

Source: Mt. Gox via Coindesk


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Update: 6

Mt. Gox Trustee Will Consider Returning Bitcoin Unconverted

Source: Asia Home

An official responsible for the assets of Mt. Gox tells creditors he will consider returning the bitcoin that remains with the defunct exchange without conver ...
Source: Asia Home   Full article at: Asia Home 5 days ago, 9:32am CDT


Update: 5

BitOcean Japan To Bid For Mt. Gox: Where Is The Digital Currency Heading?

Source: bidness etc

A joint venture between BitOcean, a Chinese bitcoin (BTC) ATM maker, and Atlas ATS, an American exchange platform provider, intends to launch a new bitcoin exchange in Japan this August. The new joint venture, BitOcean Japan, is looking to acquire the assets of Tokyo-based Mt. Gox, once the largest bitcoin trading platform. Mt. Gox received a serious blow when hackers robbed the company of 850,000 bitcoins, the equivalent of $500 m ...
Source: bidness etc   Full article at: bidness etc Jul 14 2014, 5:58am CDT

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Update: 4

Mt. Gox revival threatens customer's remaining Bitcoins, says CEO

Source: Engadget

First, one of the world's largest Bitcoin exchanges went dark, then it filed for bankruptcy, suffered further hacking attacks and even faced a lawsuit. Now Mark Karpelès, Mt. Gox's CEO, tells the Wall Street ...
Source: Engadget   Full article at: Engadget Jun 27 2014, 5:24pm CDT

Update: 2

No More Bitcoins Will Be Found, Says Mt. Gox Chief

Source: bidness etc

Mt. Gox Chief Executive Officer Mark Karpeles said today that no more bitcoins, from the 850,000 that were stolen earlier this year, will be found, according to the Wall Street Journal. The theft had led to the closure of the Bitcoin exchange. Mt. Gox closed its operations in February this year after the exchange lost 850,000 bitcoins in a hacking attack. The Japan-based exchange lost more than half a bill ...
Source: bidness etc   Full article at: bidness etc Jun 27 2014, 1:18pm CDT

Update: 1

MtGox CEO: We Should Have Hired Security Guards

Source: The Business Insider

Good call. In a new interview with the Wall Street Journal, Mt. Gox CEO Mark Karpelès says that what was once the world's largest Bitcoin exchange should probably have hired more security, revealing that there were physical break-ins at the firm's Tokyo office.  Those would be in addition to the online hack that drained the company of hundreds of thousands of Bitcoin. "If anyone wants to start a Bitcoin exchange, ...
Source: The Business Insider   Full article at: The Business Insider Jun 27 2014, 9:11am CDT

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<a href="/latest_stories/all/all/20" rel="author">Sumayah Aamir</a>
Sumayah Aamir (Google+) has deep experience in analyzing the latest trends.




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