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Mt. Gox finds $116 million worth of bitcoins

March 22, 2014 in Bitcoin, Digital Currency, News, Virtual currency

The exchange filed for bankruptcy protection stating that 850,000 bitcoins had disappeared

By: By John Ribeiro | March 21st, 2014  IDG News Service (http://www.infoworld.com)

Mt. Gox has said it found 200,000 of the bitcoins it claimed may have disappeared as a result of a software flaw.

In a statement on its website Thursday, the failed exchange said it found 200,000 bitcoins in an old-format digital wallet, reducing the number of bitcoins missing to 650,000.

The finding may be a glimmer of hope for Mt. Gox’s customers, although bankruptcy proceedings in Japan and the U.S. are unlikely to result in a speedy determination of which creditors get paid first. The 200,000 bitcoins were worth about $116 million at market price Friday.

Wallets are software programs for holding and transferring bitcoins, and other payments applications. The wallet in which the bitcoins were found were used in the past and the exchange thought it no longer held any bitcoins, wrote Mark Karpelès, Mt. Gox’s CEO.

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