Categorized | Bitcoins

Mt. Gox Finds 200,000 Bitcoins in Old Bitcoin Wallet

Bitcoin exchange Mt. Gox has announced today that during a scan through all of the company’s wallets, it has found 200,000 bitcoins in old wallets that were assumed empty. The 200,000 bitcoins are valued at over $100 million.

No compensation

Despite the huge number of bitcoins that were found today, there are still 650,000 bitcoins that are unaccounted for. At this point it seems unlikely that these bitcoins will still be found within the company’s bitcoin wallets. It is highly unlikely customers of the exchange will still get part of their balance back, as the money will be used to pay preferential creditors first.

Bankruptcy

Mt. Gox has filed for bankruptcy at the end of February because the exchange claims all of its 850,000 bitcoins were stolen by hackers.  Clients of the exchange owned a total of 750,000 bitcoins, while the exchange itself owned 100,000. The total value of all bitcoins was approximately $500 million while the exchange itself still had a debt of over $50 million.

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