Mt. Gox Says It Found 200,000 Bitcoins ($118 Million) in ‘Forgotten’ Wallet

Mt. Gox reports it found 200, 000 BTC afrer re-check in a forgotten wallet, which was last used prior to June of 2011

Mt. Gox Says It Found 200,000 Bitcoins ($118 Million) in 'Forgotten' Wallet. Photo:Filippo/Flickr

Mt. Gox Says It Found 200,000 Bitcoins ($118 Million) in 'Forgotten' Wallet. Photo:Filippo/Flickr

According to the new report Mt. Gox that filed bankruptcy after losing 850,000 BTC of customers, may have in possession about 200, 000 BTC, which equals $118 Million.

Mt. Gox states that money was found in a ‘forgotten’ wallet, that was last used before June of 2011.

To be more precise, this “forgotten wallet” is an old-format online wallet, which, as it was supposed, was empty. But after re-check that occurred after bankruptcy announcement.

Also 200,000 bitcoins were moved to offline wallets for security reason on 14th and 15th of March.

“These bitcoin movements, including the change in the manner in which these coins were stored, had been reported to the court and the supervisor by counsels,” was stated.

Some of Mt. Gox clients are skeptical to the official version of Mt. Gox, which explains the reasons of its collapse.

They doubt the Mt. Gox really has lost $28 million n from its bank accounts in Japan. It is interesting that “200,000 bitcoin” is similar to the figure of 180,000 BTC, that had been moved in the blockchain earlier this month.

The 200, 000 BTC is approximately 23% of the entire quantity of lost money. But considering the date of investment that funds can be separate from missing money.

But the company does not explain how did they manage to find these money as they have not access to Mt. Gox data anymore.

Plus to it, Chris Dore, a partner at law firm Edelson, and Ted Charney, the lawyer overseeing the Canadian class action, haven’t commented on the situation yet and have not verified the report.

On 18th of March, U.S. judge had overseen a class action against Mt. Gox revised a previous order and allowed some of the Bicoin exchange to be tracked.

“Today in court we got relief … specifically to track the 180,000 bitcoins, which we’ve been monitoring,” said Steven Woodrow, a partner at law firm Edelson, in his comment to Reuters.

He continued: “Hours later, Mt. Gox claimed it ‘found’ these bitcoins … it appears Mt. Gox realized we were close and decided to acknowledge that it owned these 180,000-200,000 bitcoins,”

Edelson represents Gregory Greene, who started the class action over an alleged massive fraud.

The report on founded funds provoked lots of speculations on how those money would be used, considering that several class action lawsuits are so far suing the exchange for restitution and damages.

Some of them are pretty optimistic and believe that they can be used to prop up the exchange’s bitcoin reserves so that it could resume operations.

The discovery of 200, 000 BTC, for those customers who lost funds, is unlikely to do anything to stem lawsuits. However, these money will be inactive for a while due to waiting for approval for its proposed rehabilitation for a period of 6 months or even longer.

Share this article

We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language, all capital letters or appear to be spam, and we review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Coinspeaker Ltd.