News & Information for Technology Purchasers NewsFactor Sites:       NewsFactor.com     Enterprise Security Today     CRM Daily     Business Report     Sci-Tech Today  
   
Home Enterprise I.T. Cloud Computing Applications Hardware More Topics...
GET RECOGNIZED
Let an ISACA® certification elevate your career.
Register today and save
You are here: Home / Cloud Computing / Mt. Gox Finds 200K Bitcoins in Old File
DDoS Protection Powered By Verisign
Mt. Gox Finds 200,000 Bitcoins in an Old File
Mt. Gox Finds 200,000 Bitcoins in an Old File
By Barry Levine / NewsFactor Network Like this on Facebook Tweet this Link thison Linkedin Link this on Google Plus
PUBLISHED:
MARCH
21
2014



The thing about virtual money is that it could be virtually anywhere. Which is what the Tokyo-based Mt. Gox found out, announcing on Friday that more than $100 million worth of bitcoins, about a quarter of the amount missing from that bitcoin exchange, have been found online in a file.

The ex-chief executive of Mt. Gox, Mark Karpeles, released a statement Thursday on the exchange's Web site about where the 200,000 bitcoins had been hiding. He said that after the site filed for bankruptcy, digital storage files known as wallets that had been in use before June of 2011 were searched. Some 200,000 bitcoins were found which, if sold Friday, would bring in $114 million to $116 million.

"On March 7, 2014, Mt. Gox Co., Ltd. confirmed," the statement said, "that an old-format wallet which was used prior to June 2011 held a balance of approximately 200,000 BTC." The site said the bitcoins are now in offline wallets, which apparently means digital storage that is not connected to the Net.

Unfrozen Assets

The company said it reported the found bitcoins to its lawyers the next day. It's not clear why Mt. Gox waited until March 21 to announce the finding to the public.

These bitcoins represent about 24 percent of the coins that had gone missing when the exchange reported in February that it couldn't find 750,000 customer coins and 100,000 of its own, representing a whopping $450 million that accounted for about 7 percent of the worldwide supply. On Feb. 28 the site filed for bankruptcy. In its announcement Friday, the company noted that its search for the missing bitcoins continues.

As traders and keepers of an unregulated digital currency, the Japan-based exchange was not governed by banking regulations and there was no deposit insurance.

In a separate development, small amounts of frozen assets -- about $1,000 worth -- of Mt. Gox's American affiliate were released Thursday. They had been frozen on March 11, but U.S. District Judge Gary Feinerman in Chicago decided Thursday to loosen restraints on some of the coins to see where they went. It's not clear how the bitcoins will be followed.

Code Fix

A class-action suit was filed against Mt. Gox last month for fraud, and lawyers for the plaintiffs had asked the judge for the revised order releasing some of the coins.

On Wednesday, the core software developers for the troubled digital currency released an updated version, 0.9.0, of the code governing the bitcoin network. The update reportedly fixes a bug that Mt. Gox has blamed for the disappearance of its stash.

The transaction malleability bug allowed the changing of the identifier of a bitcoin transaction before it was confirmed, which had reportedly allowed hackers to conduct multiple transactions that an exchange might only see as one. Some experts have also said that Mt. Gox complicated the bug through its own faulty software.

Tell Us What You Think
Comment:

Name:

gwm:

Posted: 2014-04-07 @ 9:04pm PT
I don't believe that the bitcoins were stolen. I find it more likely that they were lost due to a data loss. They probably found the 200,000 bitcoins while going through their backups trying to recover the lost data (bitcoins).

Like Us on FacebookFollow Us on Twitter
TOP STORIES NOW
MAY BE OF INTEREST
Salesforce.com is the market and technology leader in Software-as-a-Service. Its award-winning CRM solution helps 82,400 customers worldwide manage and share business information over the Internet. Experience CRM success. Click here for a FREE 30-day trial.
MORE IN CLOUD COMPUTING
Product Information and Resources for Technology You Can Use To Boost Your Business

Network Security Spotlight
Dairy Queen Latest Retailer To Report Hack
Known for its hot fries and soft-serve ice cream, Dairy Queen just made cyber history as the latest victim of a hack attack. The fast food chain said that customer data at some stores may be at risk.
 
Lessons from the JPMorgan Chase Cyberattack
JPMorgan Chase is investigating a likely cyberattack. The banking giant is cooperating with law enforcement, including the FBI, to understand what data hackers may have obtained.
 
Who Is the Hacker Group Lizard Squad?
Are they dangerous or just obnoxious? That’s what many are wondering about the hacker group Lizard Squad, which tweeted out a bomb threat that grounded a flight with a Sony exec aboard.
 

Enterprise Hardware Spotlight
Intel Intros Lightning-Fast PC Processors
Call it extreme. Intel just took the covers off its first-ever eight-core desktop processor, which is aimed at hardcore power users who expect more than the status quo from their computers.
 
HP Previews ProLiant Gen9 Data Center Servers
Because traditional data center and server architectures are “constraints” on businesses, HP is releasing new servers aimed at faster, simpler and more cost-effective delivery of computing services.
 
Apple Set To Release Largest iPad Ever
Tech giant Apple seems to have adopted the mantra “go big or go home.” The company is planning to introduce its largest iPad ever: a 12.9-inch behemoth that will dwarf its largest existing models.
 

Mobile Technology Spotlight
Rumor Mill Puts Mobile Wallet in iPhone 6
Apple is moving toward the mobile wallet world with its next iPhone. The tech giant has partnered with retailers, banks and major payment networks to make it happen, according to Bloomberg.
 
Will iPhone Finally Catch Up with NFC Mobile Payment Ability?
Apple's latest version of the iPhone may have a mobile wallet to pay for purchases with a tap of the phone. The iPhone 6 reportedly is equipped with near-field communication (NFC) technology.
 
Visual Search To Shop: Gimmick or Game Changing?
Imagine using your phone to snap a photo of the cool pair of sunglasses your friend is wearing and instantly receiving a slew of information about the shades along with a link to order them.
 

Navigation
NewsFactor Network
Home/Top News | Enterprise I.T. | Cloud Computing | Applications | Hardware | Mobile Tech | Big Data | Communications
World Wide Web | Network Security | CRM Systems | Microsoft/Windows | Apple/Mac | Linux/Open Source | Personal Tech | Press Releases
NewsFactor Network Enterprise I.T. Sites
NewsFactor Technology News | Enterprise Security Today | CRM Daily

NewsFactor Business and Innovation Sites
Sci-Tech Today | NewsFactor Business Report

NewsFactor Services
FreeNewsFeed | Free Newsletters

About NewsFactor Network | How To Contact Us | Article Reprints | Careers @ NewsFactor | Services for PR Pros | Top Tech Wire | How To Advertise

Privacy Policy | Terms of Service
© Copyright 2000-2014 NewsFactor Network. All rights reserved. Article rating technology by Blogowogo. Member of Accuserve Ad Network.