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Mt. Gox claims to find 200,000 bitcoins in old wallet

Bitcoins
Bitcoins
Photo by Lam Yik Fei/Getty Images

Mt. Gox claims it has found 200,000 bitcoins in an old wallet that are worth an estimated $116 million. Forbes reports on March 21 that the exchange has lost a total of 850,000 bitcoins due to hackers, but the discovery helps bring down this number. CEO Mark Karpeles states it was believed the wallet was empty, so no one checked it previously.

Karpeles explains the found bitcoins were in an old digital wallet that used a different format and was active before June 2011. The 200,000 bitcoins are not enough to cover the entire loss from hackers, and Mt. Gox is still in bankruptcy. Since there is no insurance or regulations to protect investors, people who used the exchange are stuck.

The sudden discovery of a large number of bitcoins in a forgotten format has raised many questions about Mt. Gox and the way it handled exchanges. There are also questions about management at the company since a wallet could be allowed to sit dormant for years without anyone checking to see if it actually contained digital currency.

Mt. Gox is not providing any new explanations for the problems it experienced before filing bankruptcy and continues to rely on previous statements about hackers. In addition, investors may not see any of the 200,000 bitcoins because they have been moved to storage.