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Print 22 comment(s) - last by Donovan.. on Mar 24 at 11:30 AM

They were in an "old-format wallet"

Mt. Gox has managed to locate about 200,000 of the missing Bitcoins it thought were stolen, which are worth about $120 million USD. 
 
Mt. Gox, which is a Bitcoin exchange service, said it lost about 750,000 of its customers' Bitcoins last month as well as 100,000 of its own. This totals to about $450 million USD. 
 
Since that incident, plaintiffs have filed a class-action lawsuit against the company. Mt. Gox filed for bankruptcy after the incident as well. 
 
Mt. Gox and its CEO Mark Karpeles are not allowed to move any money outside of the United States and the company needs to provide full accounting of any assets it has left.


A CBC News report said Mt. Gox found 200,000 of the 850,000 missing Bitcoins -- which it assumed were stolen -- in an "old-format wallet," which is a digital storage file that was searched after the bankruptcy proceedings. 
 
Mt. Gox said it told the bankruptcy court about the coins on March 10, and that it moved them to an offline site from March 14 to March 15.
 
Bitcoins can be stored online or offline, in "hot" or "cold" wallets respectively. "Hot" wallets are accessed through a computer network while "cold" wallets can be USB sticks or even a piece of paper. 
 
Now, the search is on for the remaining 650,000 Bitcoins. 

Source: CBC News



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RE: Ummm...
By Vertigo2000 on 3/21/2014 4:56:07 PM , Rating: 1
Uh, so, um, those aren't generally accepted accounting practices?

So that IRS agent was right. I didn't have to kill him.


RE: Ummm...
By Belegost on 3/21/2014 5:22:36 PM , Rating: 2
Ooh yea, GAAP says that you at least need to date your text files, so "Untitled_02_07_2009.txt" is perfectly fine, and you need to make sure your strip club receipts are on white paper, the yellow ones are not valid.

;)


RE: Ummm...
By Solandri on 3/23/2014 5:45:12 PM , Rating: 2
Bitcoins - being an independent currency not subject to any government - don't require you to comply with GAAP guidelines. The bitcoin proponents were so busy criticizing the disadvantages of a government-backed currency, they completely forgot to look at the advantages.


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