AfterDawn: Tech news

MtGox finds 200,000 of its missing bitcoins

Written by Andre Yoskowitz @ 21 Mar 2014 10:49 User comments (9)

MtGox finds 200,000 of its missing bitcoins MtGox, the major Bitcoin exchange that filed for bankruptcy earlier this year, has said in a statement that they have found 200,000 of their missing bitcoins.
The coins were found in an old digital wallet from 2011, and have a value of about $115 million.

Despite the major find, the company is still missing 650,000 of its own and customer's bitcoins.

"MtGox had certain old-format wallets which were used in the past and which, MtGox thought, no longer held any bitcoins," said Mt Gox CEO Mark Karpeles, "however on March 7, 2014, MtGox confirmed that an old-format wallet which was used prior to June 2011 held a balance of approximately 200,000 bitcoin."

To avoid having the new find stolen by hackers, the coins were moved to offline wallets this week.

Hackers have stolen the rest of the coins, which amount to about 7 percent of all bitcoins ever mined.

Tags: Bitcoin Mt Gox
Previous Next  

9 user comments

122.3.2014 05:16

Worst accounting practices ever. I'm sorry for the people who lost money with them, but the sooner they vanish into nonexistence, the better it will be for Bitcoin. Though Bitcoin itself has been surprisingly resilient through this whole mess, a tribute to its maturing infrastructure.

222.3.2014 14:16

So let me get this right... hackers stole about 350-400 million dollars?

And BitCoin is secure because...???


322.3.2014 17:02

BitCOin is secure, until you give someone else the cryptokey defining your coins, pretty much. At that point, well...

422.3.2014 19:19

Originally posted by Jemborg:
And BitCoin is secure because...???

Bitcoin itself is arguably the most secure form of money that has existed thus far. It can't be counterfeited, it can't be double-spent, and it can be spent without handing over the means of spending to the receiving party (unlike credit cards and bank transfers). No government can arbitrarily print more to drop its value. As long as you can keep a string of numbers safe from prying eyes, nobody is going to be able to take it from you.

If you choose to transfer large amounts of Bitcoin to an incompetent party who doesn't know how to do accounting and can't hold onto their keys though, well it's about the same as if you hand a bunch of cash to a stranger in an alley and hope he'll be around to give it back the next month.

522.3.2014 23:22

Well it really worked in that case... to the tune of nearly half a billion dollars!

With all due respect, maybe you guys aught to look at it again.

623.3.2014 00:25

If someone puts half a billion dollars in a safe, then posts the safe's combination to Facebook, does that mean we should blame the safe when the money gets stolen? Because that's basically what you're doing if you blame Bitcoin for MtGox's poor security and shoddy accounting practices.

This message has been edited since its posting. Latest edit was made on 23 Mar 2014 @ 12:27

723.3.2014 07:49

Originally posted by Jemborg:
So let me get this right... hackers stole about 350-400 million dollars?

And BitCoin is secure because...???


don't think the hackers actually stole them ,think its more they misplaced them.Kinda like having a safe full of money and moving the safe and forgetting where you put it.

826.3.2014 13:33

I ask you all........is it "stealing" to digitally 'take' something that has NO VALUE?

Is this not the same as stealing someone's bag of weed??

What the Hell is someone gonna do about it?? Report it to the police?? NO! The same should hold true for Bitcoin.

Bitcoin is for anti-government/anti-society LOSERS (some exceptions of course)!

926.3.2014 20:50

Originally posted by hearme0:
I ask you all........is it "stealing" to digitally 'take' something that has NO VALUE?

Is this not the same as stealing someone's bag of weed??

What the Hell is someone gonna do about it?? Report it to the police?? NO! The same should hold true for Bitcoin.

Bitcoin is for anti-government/anti-society LOSERS (some exceptions of course)!
3 Questions and a statement...3 answers and a counter-statement:

1.) If you can exchange it for goods and services then it has value...and you can do that with Bitcoin. Remember that the US dollar (the most accepted currency on earth) is based on nothing at all, while bitcoin is at least based on super-complex math problems.

2.) It would be the same in Colorado (where weed is legal), assuming the bag of weed was (at current bitcoin price) about 60,000LBS; too big to load onto a flatbed semi truck.

3.) Bitcoin is not illegal...if they could prove who stole the bitcoins from MTGOX, the police would be very happy to make arrests. That's one of the problems the hackers have to deal with ...cashing them in would be a guaranteed trip to prison.

4.) It is for anti-government or anti-society people? It certainly seems anti-government...but given the governments we are talking about, that makes it pro-society. Bitcoin is used by the people who exposed the illegal government spying, and bitcoin is used by people who want to protect themselves from said spying.

Comments have been disabled for this article.

Latest news

VLC hits milestone: over 5 billion downloads VLC hits milestone: over 5 billion downloads (16 Mar 2024 4:31)
VLC Media Player, the versatile video-software powerhouse, has achieved a remarkable feat: it has been downloaded over 5 billion times.
1 user comment
Sideloading apps to Android gets easier, as Google settles its lawsuit Sideloading apps to Android gets easier, as Google settles its lawsuit (19 Dec 2023 11:09)
Google settled its lawsuit in September 2023, and one of the settlement terms was that the way applications are installed on Android from outside the Google Play Store must become simpler. In the future, installing APK files will be easier.
8 user comments
Roomba Combo j7+ review - Clever trick allows robot vacuum finally to tackle home with rugs and carpets Roomba Combo j7+ review - Clever trick allows robot vacuum finally to tackle home with rugs and carpets (06 Jun 2023 9:19)
Roomba Combo j7+ is the very first Roomba model to combine robot vacuum with mopping features. And Roomba Combo j7+ does all that with a very clever trick, which tackles the problem with mopping and carpets. But is it any good? We found out.
Neato, the robot vacuum company, ends its operations Neato, the robot vacuum company, ends its operations (02 May 2023 3:38)
Neato Robotics has ceased its operations. American robot vacuum pioneer founded in 2005 has finally called it quits and company will cease its operations and sales. Only a skeleton crew will remain who will keep the servers running until 2028.
5 user comments
How to Send Messages to Yourself on WhatsApp How to Send Messages to Yourself on WhatsApp (20 Mar 2023 1:25)
The world's most popular messaging platform, Meta-owned WhatsApp has enabled sending messages to yourself. While at first, this might seem like an odd feature, it can be very useful in a lot of situations. ....
18 user comments

News archive