Mt.Gox Finds 200,000 Bitcoin In An “Old-Format” Digital Wallet

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Mt.Gox, the bankrupt online currency exchange, said that it has located 200,000 bitcoin in a digital wallet. In a filing, CEO Mark Karpeles disclosed that the currency, which is worth about $118 million at current exchange rates, was discovered in one of the “old-format wallets” that Mt.Gox had used in the past and assumed no longer held any bitcoins.

The wallets were rescanned after Mt.Gox applied for a civil rehabilitation procedure in Tokyo District Court earlier this month. After the 200,000 bitcoin were discovered, Mt.Gox then moved them to offline wallets. As Coindesk notes, this happened around the time large amounts of bitcoin handled by Mt.Gox that had previously been dormant started moving on the block chain.

The recovered 200,000 bitcoin brings Mt.Gox’s total loss down to 650,000 bitcoin, but that doesn’t help the exchange’s customers, who are not considered creditors and therefore won’t receive any repayments if Mt.Gox decides to sell assets. As Fortune notes, the only way for most Mt.Gox customers who lost bitcoin to regain any of their money is to file a lawsuit.

IMAGE BY Bryce Durbin