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Bankrupt Japanese firm MtGox said in a filing that it has found 200,000 lost bitcoins.
The firm said it found the bitcoins - worth around $116m (£70m) - in an old digital wallet from 2011.
That brings the total number of bitcoins the firm lost down to 650,000 from 850,000.
MtGox, formerly the world's largest bitcoin exchange, filed for bankruptcy in February, after it said it lost thousands of bitcoins to hackers.
"MtGox had certain old-format wallets which were used in the past and which, MtGox thought, no longer held any bitcoins," said Mt Gox chief executive Mark Karpeles in the filing.
However, "on March 7, 2014, MtGox confirmed that an old-format wallet which was used prior to June 2011 held a balance of approximately 200,000 btc
PhoenixOD
Bankrupt Japanese firm MtGox said in a filing that it has found 200,000 lost bitcoins.
The firm said it found the bitcoins - worth around $116m (£70m) - in an old digital wallet from 2011.
That brings the total number of bitcoins the firm lost down to 650,000 from 850,000.
MtGox, formerly the world's largest bitcoin exchange, filed for bankruptcy in February, after it said it lost thousands of bitcoins to hackers.
"MtGox had certain old-format wallets which were used in the past and which, MtGox thought, no longer held any bitcoins," said Mt Gox chief executive Mark Karpeles in the filing.
However, "on March 7, 2014, MtGox confirmed that an old-format wallet which was used prior to June 2011 held a balance of approximately 200,000 btc
MtGox finds 200,000 missing bitcoins in old wallet
Well this is a very strange turn of events. Only a week ago we found out that hackers had revealed the mt.Gox had more money than they were letting on.
mt.Gox CEO account hacked : Reveals the truth about Gox finances
and now Gox is admitting the existence of as further 200000 btc. Did the hackers force their hand or did they really not know about the extra coins?
I get the feeling that they are going to offer people a deal where they take a percentage of what they are owed or just wait for Gox to earn back the money to repay them.
One interesting fact i found out about bitcoins and crypto currencies today. When coins are created they join the giant public ledger called the 'block chain'. Everyone who has a bitcoin wallet has a copy of the public ledger listing all the coins in existence on their computer. If you then buy a bitcoin you dont actually get the virtual coin on your computer or in your virtual wallet. All that really happens is the ownership of the coin changes on the ledger.
edit on 22-3-2014 by PhoenixOD because: (no reason given)
bigfatfurrytexan
reply to post by WarminIndy
Bitcoin is making something from nothing. Just like regular currency.
Above a poster mentioned that it is nothing but ledger exchange. There is nothing there, other than the magic of accounting mathematics combined with the perception of value.
However, Chris Dore, a partner at Edelson law firm, isn’t exactly buying Mt. Gox’s version of the events.
Dore, whose firm represents the US class action against the insolvent exchange, suggested that the announcement is closely tied to matters it is currently investigating.
Dore summed up his opinion on the news, telling CoinDesk:
“Their statement that they found [these bitcoins] in a random wallet and failed to tell anyone for two weeks is highly suspect.”
Instead, Dore indicated he believes that the funds may be connected to his firm’s ongoing investigation of 180,000 bitcoins that were said to have been moving through the blockchain on or around 7th March.
“We believe we were on the right trail. It appeared that these 180,000, 200,000 bitcoins were being tumbled, that they were being broken down and reconstituted, so our goal was to find this out.”
Dore suggested that the announcement may have been a move by Mt. Gox to make it harder for information to be uncovered about the funds.
bigfatfurrytexan
reply to post by WarminIndy
Bitcoin is making something from nothing. Just like regular currency.
Above a poster mentioned that it is nothing but ledger exchange. There is nothing there, other than the magic of accounting mathematics combined with the perception of value.
Bellor
reply to post by bigfatfurrytexan
Yes but now we the people can start printing our own, not just the banks. Up to you if you want to pay the tax on a currency conversion, idealy find someone who sells physical gold for bitcoins or any other virtual currency, no VAT on gold in the UK.
gardener
Has anyone else realized yet that bitcoins are just a fed-OP to 'prove' alt/e-currency is a joke?
sn0rch
Bellor
reply to post by bigfatfurrytexan
Yes but now we the people can start printing our own, not just the banks. Up to you if you want to pay the tax on a currency conversion, idealy find someone who sells physical gold for bitcoins or any other virtual currency, no VAT on gold in the UK.
You cant. Unless you own more money than you want to make now.
It's beyond the printing stage. Look into other cryptos that are verified as legit, and convert them.
You cant make money mining bitcoin any more.
edit on 22-3-2014 by sn0rch because: (no reason given)
You cant make money mining bitcoin any more.