Mt Gox finds 200,000 bitcoins in old virtual wallet

21 Mar 2014

Mt Gox, the disgraced Bitcoin exchange website, has claimed it has found 200,000 bitocins that had been left in a forgotten wallet, a week after the Japanese group filed for bankruptcy.

The announcement has been made on the group’s website by its head, Mark Kapeles, who said the bitcoin stash was found in a bitcoin wallet that was using one of the older formats which escaped the exchange’s first search for all currency left with Mt Gox.

The company had faced considerable backlash after it shut down the exchange with little warning, declaring it had effectively lost 850,000 bitcoins worth about US$500m, because of hackers and poor management of funds.

“Mt Gox Co Ltd investigated the presence of these 200,000 bitcoins, immediately reported it to its counsels in the application for a commencement of civil rehabilitation proceedings.”

However, many of the investors who have lost significant financial sums from their dealings with Mt Gox are sceptical regarding the source of this missing wallet and, regardless, are unlikely to get their money back.

Colm Gorey was a senior journalist with Silicon Republic