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Mt. Gox May Still Hold $118 Million (200,000 BTC) in Funds, Report Suggests
Coin Desk ^
| 20 March 2014
| Pete Rizzo
Posted on 03/20/2014 12:58:49 PM PDT by Errant
A new report suggests that Mt. Gox, the now-bankrupt Japan-based exchange said to have lost 850,000 BTC in customer funds may actually still be in possession of 200,000 BTC ($118m at press time).
The news, published by Yahoo Japan, allegedly comes from the exchange’s bankruptcy lawyer who suggests the bitcoins were found on 7th March in a wallet used by Mt. Gox prior to June 2011.
The 200,000 bitcoins would equate to just over 23% of the entirety of the funds presumed lost by the company in the wake of widespread theft that is said to have occurred on the exchanges for a period of several years. Given the date, these funds may be separate from that money, however.
(Excerpt) Read more at coindesk.com ...
TOPICS: Business/Economy; Computers/Internet; Government; Reference
KEYWORDS: bitcoin; exchange; gox
1
posted on
03/20/2014 12:58:49 PM PDT
by
Errant
To: Lurkina.n.Learnin; nascarnation; TsonicTsunami08; SgtHooper; Ghost of SVR4; Lee N. Field; DTA; ...
Click to be Added / Removed.
2
posted on
03/20/2014 12:59:22 PM PDT
by
Errant
(Surround yourself with intelligent and industrious people who help and support each other.)
To: Errant
comes from the exchange’s bankruptcy lawyer who suggests the bitcoins were found on 7th March in a wallet used by Mt. Gox prior to June 2011.
Kinda like when you put on your winter coat for the first time of the season and find a five dollar bill in your inside pocket.
In this case though, it was 118 one million dollar bills.
To: mmichaels1970
When I keep hearing these stories I am always reminded of the similar bad luck many Freepers have when it comes to guns and boating.
4
posted on
03/20/2014 1:03:08 PM PDT
by
21twelve
(http://www.freerepublic.com/focus/f-news/2185147/posts 2013 is 1933 REBORN)
To: Errant
First Rule of Acquisition: Once you have their money, you never give it back.
5
posted on
03/20/2014 1:10:40 PM PDT
by
DickBrannigan
(When did logic become reversed, and right became wrong, and wrong became right?)
To: Errant
The stolen BitCoins are on Malaysia Airlines flight 370.
To: mmichaels1970
“Kinda like when you put on your winter coat for the first time of the season and find a five dollar bill in your inside pocket.”
No. More like stashing $100k in a safety deposit box and later opening it to find only a five dollar bill and the bank telling you it was counterfeit.
To: TexasGator
No. More like stashing $100k in a safety deposit box and later opening it to find only a five dollar bill and the bank telling you it was counterfeit.
Incorrect. They can sell those coins TODAY for that value. We can argue what they may be worth tomorrow, but today they are worth 118 million.
When they put the coins in the "safety deposit box" they probably weren't worth more than a few thousand at that time, by the way.
To: mmichaels1970
“Incorrect. They can sell those coins TODAY for that value. We can argue what they may be worth tomorrow, but today they are worth 118 million.”
IF the bitcoins are there AND IF they can recover them. Right now no one knows IF and IF.
To: mmichaels1970
“When they put the coins in the “safety deposit box” they probably weren’t worth more than a few thousand at that time, by the way. “
No. Most were put in in 2013.
To: TexasGator
No. Most were put in in 2013.
Am I reading this wrong?
allegedly comes from the exchange’s bankruptcy lawyer who suggests the bitcoins were found on 7th March in a wallet used by Mt. Gox prior to June 2011.
I searched the entire article for "2013" and got zero results. If there's another article that gave you that info, please post a link so I can read it.
BTC was worth between $2 and $32 in 2011. If the article is true they would have had anywhere from a few hundred K to a couple of mill in their wallet at that time.
To: mmichaels1970
You are not reading it wrong. I just don’t believe the lawyer given the chronological events surrounding mt.gox.
To: TexasGator
I just don’t believe the lawyer given the chronological events surrounding mt.gox.
Ok...that's something we can both agree on.
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