Mt Gox finds 200,000 "forgotten" bitcoins

Troubled exchange reveals lost coins were found in an old wallet from 2011

Scandal-hit bitcoin exchange Mt Gox has had a sizeable piece of luck, announcing that it has found 200,000 “forgotten” bitcoins a week after filing for bankruptcy protection.

The filing stated that the Tokyo-based exchange thought had lost nearly all of the 850,000 bitcoins it held worth around $116 million (£70m). This trove of currency brings the total number of lost coins down to 650,000.

 “[The exchange] had certain old­ format wallets which were used in the past and which, Mt Gox thought, no longer held any bitcoins,” said chief executive Mark Karpelès in a statement posted online.

28-year-old Karpelès said that the bitcoins had been moved to an offline wallet on March 14-15 “for security reasons”. The cause of the initial disappearance of Mt Gox’s stockpile of coins (100,000 of which were owned by the company and the rest by customers) is still unknown.

Mt Gox, which was the oldest and largest bitcoin exchange, has some 127,000 creditors who fear that they have lost their investment in the digital cryptocurrency. It’s not clear if any of the 200,000 coins recovered will be used to reimburse these individuals.

The Japanese cabinet recently announced that bitcoin should be classed as a commodity rather than a currency and that the government is considering taxing transactions using the currency as part of a stricter regulatory framework.

For many investors and independent financial observers the scandal that has engulfed Mt Gox is emblematic of the problems still facing the currency.

In the UK, HM Revenue & Customs announced earlier this year they would be introducing “provisional VAT treatment pending further developments” on the currency: VAT is not due in the UK involving exchanges of bitcoin for foreign currency but is “from suppliers of any goods or services sold in exchange for Bitcoin or other similar cryptocurrency.

News
The two faces revealed by the ultraviolet light
newsScholars left shaken after shining ultraviolet light on 500-year-old Welsh manuscript
News
Rosamund Pike played Bond girld Miranda Frost, who died in Die Another Day (PA)
news
Arts and Entertainment
books
News
newsHow do you get your party leader to embrace a message and then stick to it? With people like this
Life and Style
ebookNow available in paperback
ebooks
ebookPart of The Independent’s new eBook series The Great Composers
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

ES Rentals

    iJobs Job Widget
    iJobs Gadgets & Tech

    Recruitment Genius: In House Counsel - Contracts

    Negotiable: Recruitment Genius: This leading supplier of compliance software a...

    Recruitment Genius: PHP Developer - Mid / Senior

    £25000 - £40000 per annum: Recruitment Genius: This fast growing digital agenc...

    Ashdown Group: SQL DBA - Croydon - up to £65,000

    £58000 - £65000 per annum: Ashdown Group: SQL DBA - Bromley, South East London...

    Ashdown Group: Service Delivery Manager - Retail / FMCG / WMS Operations

    £55000 - £65000 per annum + Benefits: Ashdown Group: Service Delivery Manager ...

    Day In a Page

    General Election 2015: The masterminds behind the scenes

    The masterminds behind the election

    How do you get your party leader to embrace a message and then stick to it? By employing these people
    Machine Gun America: The amusement park where teenagers go to shoot a huge range of automatic weapons

    Machine Gun America

    The amusement park where teenagers go to shoot a huge range of automatic weapons
    The ethics of pet food: Why are we are so selective in how we show animals our love?

    The ethics of pet food

    Why are we are so selective in how we show animals our love?
    How Tansy Davies turned 9/11 into her opera 'Between Worlds'

    How a composer turned 9/11 into her opera 'Between Worlds'

    Tansy Davies makes her operatic debut with a work about the attack on the Twin Towers. Despite the topic, she says it is a life-affirming piece
    11 best bedside tables

    11 best bedside tables

    It could be the first thing you see in the morning, so make it work for you. We find night stands, tables and cabinets to wake up to
    Italy vs England player ratings: Did Andros Townsend's goal see him beat Harry Kane and Wayne Rooney to top marks?

    Italy vs England player ratings

    Did Townsend's goal see him beat Kane and Rooney to top marks?
    Danny Higginbotham: An underdog's tale of making the most of it

    An underdog's tale of making the most of it

    Danny Higginbotham on being let go by Manchester United, annoying Gordon Strachan, utilising his talents to the full at Stoke and plunging into the world of analysis
    Audley Harrison's abusers forget the debt he's due, but Errol Christie will always remember what he owes the police

    Steve Bunce: Inside Boxing

    Audley Harrison's abusers forget the debt he's due, but Errol Christie will always remember what he owes the police
    No postcode? No vote

    Floating voters

    How living on a houseboat meant I didn't officially 'exist'
    Louis Theroux's affable Englishman routine begins to wear thin

    By Reason of Insanity

    Louis Theroux's affable Englishman routine begins to wear thin
    Power dressing is back – but no shoulderpads!

    Power dressing is back

    But banish all thoughts of Eighties shoulderpads
    Spanish stone-age cave paintings 'under threat' after being re-opened to the public

    Spanish stone-age cave paintings in Altamira 'under threat'

    Caves were re-opened to the public
    'I was the bookies’ favourite to be first to leave the Cabinet'

    Vince Cable interview

    'I was the bookies’ favourite to be first to leave the Cabinet'
    Election 2015: How many of the Government's coalition agreement promises have been kept?

    Promises, promises

    But how many coalition agreement pledges have been kept?
    The Gaza fisherman who built his own reef - and was shot dead there by an Israeli gunboat

    The death of a Gaza fisherman

    He built his own reef, and was fatally shot there by an Israeli gunboat