Mt. Gox Finds 200,000 of the Missing 850,000 Bitcoins
March 21, 2014 2:51 PM
comment(s) - last by
They were in an "old-format wallet"
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.
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.
This article is over a month old, voting and posting comments is disabled
3/22/2014 12:30:15 AM
I would totally be in on starting up DailyCoins, or MickCoins, I could use some quick riches. The very nice series of articles over on Ars even showed how easy it is to do. =)
On the serious side: I'm actually on the fence on whether this is actually a scam or sheer incompetence. I've read through your profile (which was quite thorough, props) and other sources, and my instinct is telling me that he's just a poorly organized, poorly motivated person who has some decent ideas but completely lacks in the ability and perseverance to competently follow through on them.
I would honestly not be surprised if it comes out that someone else in the company set this up, secretly siphoning off coins and using the bad practices and organization in the company to cover it up, leaving Karpeles as the dupe to take the fall.
3/22/2014 10:32:20 AM
I recently "found" some ten year old ten thousand dollars of Monopoly money. I'll totally trade you for some MickCoins!
"We basically took a look at this situation and said, this is bullshit." -- Newegg Chief Legal Officer Lee Cheng's take on patent troll Soverain
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