Mt. Gox Says It Found 200,000 Bitcoins In Old Wallet

The discovery of more than $100 million worth of bitcoins led to optimism from some investors and skepticism from others.
Posted at 11:11 AM, Mar 21, 2014

Embattled Japanese bitcoin exchange Mt. Gox says it's found about a fourth of the missing bitcoins it reported stolen earlier this year. It led to optimism from some investors and skepticism from critics.

ANCHOR: "It's recovered some 200,000 bitcoins or the equivalent of $120 million. The online exchange for the virtual currency was unplugged last month, and Mt. Gox filed for bankruptcy protection in Tokyo." (Via KUSA)

Mt. Gox users haven't been able to withdraw any bitcoins since early February, and the massive online exchange eventually said hackers stole 850,000 bitcoins — the vast majority belonging to customers. (Via CNET)

Mt. Gox says it thought old-format wallets were empty, but the company has been rescanning those wallets in light of the bankruptcy proceedings.

In a statement released by Mt. Gox Thursday, the company's CEO wrote, "On March 7, 2014, MtGox Co., Ltd. confirmed that an old­format wallet which was used prior to June 2011 held a balance of approximately 200,000 BTC (199,999.99 BTC)."

"Bitcoin is changing finance the same way the web changed publishing. When everyone has access to a global market, great ideas flourish." (Via YouTube / weusecoins)

That's the sunny way of looking at it, anyway. Bitcoin exchanges have been just as hugely praised for their flexibility in online transactions as they have been criticized for their vulnerability that was once only speculation.

Bitcoins aren't controlled by central banks or regulated by governments, and their value has fluctuated wildly in the last year-plus. Value skyrocketed from $13 to more than $1,100 per bitcoin last year before Mt. Gox's collapse. (Via Sky News)

Over the last month, CEO Mark Karpeles has apologized for the reported breach and customers gathered outside Mt. Gox Toykyo headquarters demanding answers. (Via NTDTV)

With the reported number of missing bitcoins now down to 650,000, Mt. Gox customers don't have any illusions they'll recover all their losses. As one customer told The Wall Street Journal"It doesn't make me any more hopeful about more bitcoins being found, but I do think it increases the amount of money I'll get back."

For others, the discovery likely seems a little too coincidental.

Hackers hit Karpeles' personal blog in early March claiming to post evidence that there was a large disparity between Mt. Gox's bitcoin balance and what the company reported stolen. (Via CNET)

Since the reported theft and bankruptcy filings, the term "getting Goxed" has become synonymous with the bitcoin version of ... well, getting screwed.