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Mt. Gox Says It Has Found 200,000 Bitcoins Worth About $114M
- bertil 13y agoI’m not sure this is making sense: how can you recover money that was stolen if it was stored aside? Has MtGox ever officially explained the reason the BitCoins were gone?
- agorabinary 13y agoThere is no "Bitcoin", it is not a corporation. There is no body in charge of it. Mt. Gox alleged they were stolen via transaction malleability, so yes, it would seem they are "finding" coins that had been "stolen".
- bertil 13y agoTypo. Edited. Thanks.
- user24 13y ago> Have BitCoin ever officially explained the reason the BitCoins were gone? This is analogous to saying: "Have US Dollar ever officially explained the reason the dollars were gone?" after a bank was robbed.
- jccooper 13y agoMtGox has never provided a good reason why they were missing so much in various asset classes. They tried to point to "transaction malleability" early on, but people who have traced such activity say that it can account for only a small fraction of the BTC MtGox claims to be missing. Insider theft or loss of keys seem to be the most plausible theories, though some people think all the money may simply have been gambled away trying to recover losses incurred earlier. Some folks over on Reddit, btw, claim to also have found an additional 300,000 BTC still under MtGox's control. This is perhaps support for the "missing keys" theory, or perhaps simply "gross incompetence".
- sp332 13y agoThe bitcoins that were just found were in wallets that haven't been used since 2011. They are not the same wallets affected by the recent problems.
- scald 13y agoOops, I thought I left those somewhere...
- SloughFeg 13y agoThe fact that this company can lose and then find $116 million is a disheartening thought. It ultimately it hurts the whole idea of a cryptocurrency.
- iambateman 13y agoAccidentally finding that much money is embarrassing. MtGox needs to get their act together. I get the whole "it's a wild west crazy time for everyone." But this is insane.
- rainmaking 13y agoIt absolutely does not. It's not the best marketing in the world, but the idea of cryptocurrency and its effective execution are two different things. According to your logic, malware endangers the idea of computers, or phishing endangers the idea of email. Heck, spoilage endangers the idea of food.
- gnaritas 13y agoNo it doesn't; idiots running terrible businesses will always exist no matter what currency and their existence doesn't reflect on the currency.
- mratzloff 13y agoLink to discussion in progress: https://news.ycombinator.com/item?id=7440305 https://news.ycombinator.com/item?id=7440305
- rainmaking 13y agoSo let's just fire up Norton Undelete FAT32 edition and see what's on my Windows XP SP1 cold storage laptop...