Mt. Gox Finds 200,000 'Forgotten' Bitcoins, Worth $114 Million

Mar 21, 2014 02:41 PM EDT | Matt Mercuro

Mt. Gox says it has found 200,000 "forgotten" bitcoins that were held in an "old-format wallet," or digital storage file, according to Reuters.

The Tokyo-based digital currency exchange filed for bankruptcy protection earlier this month, saying it lost nearly 850,000 bitcoins, worth approximately $500 million.

The announcement was named on Mt. Gox's website.

The exchange said the 200,000 bitcoins were found in an old-format online wallet, which the company though no longer held any bitcoins, which it checked again after the bankruptcy filing.

"On March 7, 2014, MtGox Co., Ltd. confirmed that an old format wallet which was used prior to June 2011 held a balance of approximately 200,000 BTC," the statement said on the Mt. Gox website.

It moved the bitcoins from online to offline wallets on March 14-15 "for security reason," according to the statement.

"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," the statement said.

Mt. Gox said $28 million was "missing" from its Japanese bank accounts in its bankruptcy filings as well.

Earlier this week, a Chicago judge overseeing a class action against Mt. Gox revised a previous order, saying some of the exchange's bitcoin movements will be tracked.

"Today in court we got relief, specifically to track the 180,000 bitcoins, which we've been monitoring. 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," Steven L. Woodrow, a partner at law firm Edelson, said to Reuters.

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