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Bitcoin exchange Mt. Gox finds 200,000 bitcoins in virtual wallet

March 21, 2014 at 9:25 AM   |   Comments

TOKYO, March 21 (UPI) -- Mt. Gox, the bankrupt once major exchange for the virtual currency bitcoin, has found some change in a virtual wallet, officials in Japan said.

"On March 7, 2014, Mt. Gox Co. Ltd. confirmed that an old-format wallet which was used prior to June 2011 held a balance of approximately 200,000 BTC," Mt. Gox Chief Executive Officer Mark Karpeles said in a statement released Thursday.

The amount is less than a quarter of the 850,000 bitcoins the exchange said it lost along with 2.8 billion yen ($286 million) in bank deposits.

Bitcoin wallets allow users to store digital currency and perform transactions -- and Mt. Gox says around 200,000 bitcoins were left in a "forgotten" offline wallet, Kyodo News reported. The exchange was one of the world's largest bitcoin operations until January, when investors began withdrawing bitcoin and Mt. Gox filed for bankruptcy in Tokyo and the United States Feb. 28, reporting debts of $64 million.

The 200,000 or so bitcoin the exchange says it found are worth about $116 million at current prices, CNN said.

The found bitcoin cuts the number of lost bitcoin to 650,000 but -- since the exchange was unregulated -- there's no word on whether any users of the exchange will be able to recover any of their virtual currency.

The exchange did not offer deposit insurance.

© 2014 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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