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What a Surprise, Mt. Gox Suddenly Finds 200,000 of the Missing Bitcoins in 'Forgotten' Wallet
March 21, 2014
Amanda Marie
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Say WUT? It seems very interesting from all perspectives that shortly after Mt. Gox filed for bankruptcy protection in Japan on February 28th, suddenly a week later they find 200,000 of the missing 850,000 bitcoins in a “forgotten” wallet. Is it possible that the investigation was getting a bit too close for comfort? We can’t confirm that based on speculation, but there are many investors that have been suspicious of how Mt. Gox has handled several things.

In an announcement posted on the Mt. Gox website today, Mark Karpeles confirmed that an old-format wallet used prior to June of 2011 held a balance of approximately 200,000 bitcoins. These bitcoins were discovered on March 7th, just one week after the filing for bankruptcy protection in Tokyo. Mt. Gox had originally stated that they lost nearly all of the 850,000 bitcoins. They blamed the loss on hacking, theft and software issues which resulted in the site being shut down. Karpeles also stated that he reported the discovery to lawyers on March 8th, and that the bitcoins were later moved to “offline” wallets for security reasons on March 14th & March 15th.

Mt. Gox also filed for bankruptcy protection in the U.S. on March 10th, and their debts are stated to be about $64 million.

Today’s startling announcement ends with, “Taking into account the existence of the 200,000 BTC, the total number of bitcoins which have disappeared is therefore estimated to be approximately 650,000 BTC. (Please note that the reasons for their disappearance and the exact number of bitcoins which disappeared is still under investigation and that the above figures may still change depending on the results of the investigation.)”

While Mt. Gox remains protected at the present time against class action lawsuits, the investigation into all the events and losses will no doubt be a lengthy one. Stay tuned, we’ll keep you updated with any more news regarding Mt. Gox.

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