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Originally published Friday, March 21, 2014 at 4:53 PM

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Mt. Gox finds 200,000 bitcoins, 550,000 still missing

The found coins are worth about $114 million.


The New York Times

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Mt. Gox, the Tokyo-based bitcoin exchange that collapsed and filed for bankruptcy last month, said it had found 200,000 bitcoins that were held in an “old-format” wallet, or digital storage file. Based on Friday’s rates, the found digital coins are worth about $114 million.

Mt. Gox’s former chief executive, Mark Karpeles, issued a statement on the company’s website saying that after it filed for bankruptcy, it began researching these wallets that were used before June 2011.

That is when the company discovered the 200,000 bitcoins, which represent about 24 percent of the coins that went missing when the site failed.

Last month, Mt. Gox said it had lost 750,000 of its customers’ bitcoin holdings and more than 100,000 of its own coins, or more than $450 million worth.

Since then, plaintiffs have filed a class-action lawsuit, seeking a temporary injunction to keep Karpeles or his company from moving any money outside of the United States.

Mt. Gox said it reported the discovery of the coins to the bankruptcy court on March 10, and that it moved them to an offline site from March 14 to March 15.

The latest announcement is likely to add to the questions about Mt. Gox’s collapse. Even the company said it was still uncertain about what led up to its failure.

Bitcoins can be stored online or offline, otherwise known as “hot” and “cold” wallets. A “cold” wallet can be nothing more than writing down a digital key to access one’s bitcoin on a scrap of paper for later use, or storing data on a thumb drive.



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