Mt.Gox Unable to Make a Surprise out of the Recovery of 200 000 BTC

While the overall thrill on Mt.Gox case has ceased, the Japan-based service succeeds to provide rather interesting news on regular basics. The only problem is that facts dug out by hackers and enthusiasts, claims of lawyers and traces of truth spoken out by Mark Karpeles are not matching and provide a vague image even for the most dedicated followers of the case.

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Mt.Gox Unable to Make a Surprise out of the Recovery of 200 000 BTC

While the overall thrill on Mt.Gox case has ceased, the Japan-based service succeeds to provide rather interesting news on regular basics. The only problem is that facts dug out by hackers and enthusiasts, claims of lawyers and traces of truth spoken out by Mark Karpeles are not matching and provide a vague image even for the most dedicated followers of the case. Now it seems that at least some of the lost money has been surprisingly found, but it will not satisfy the deceived users of the exchanger.

How much are 200 000 BTC Worth?

 The news on the recovery of the mentioned sum has appeared as a humble press release populated via the Yahoo service only in Japanese. The PDF open to download is also in English. The first citation of the document says:

“MtGox Co., Ltd. had certain old-format wallets which were used in the past and which, MtGox thought, no longer held any bitcoins. Following the application for commencement of a civil rehabilitation proceeding, these wallets were rescanned and their balance researched. On March 7, 2014, MtGox Co., Ltd. confirmed that an old-format wallet which was used prior to June 2011 held a balance of approximately 200,000 BTC (199,999.99 BTC).”  

The further actions are also listed:

“MtGox Co., Ltd. investigated the presence of these 200,000 BTC, immediately reported it to its counsels in the application for commencement of a civil rehabilitation proceedings (“counsels”). A hearing took place on March 8 where a detailed explanation of the situation was made to counsels. Immediately on Monday (March 10), counsels reported the existence of the 200,000 BTC to the Court and the Supervisor.”

Is not it lovely to be unconscious of an extraordinary sum of money? In the context of previous faults and failures it seems just natural for Mt.Gox and its owner Mark Karpeles.

Manqué Surprise

It is a pity that the exchange service could not be able to provide a delightful surprise to the users and hackers. Actually, they have already known the fact and were able to trace the whole process of the miracle “recovery”. 

Around two weeks ago the movement of 180 000 Bitcoin has been noticed on the Blockchain and reported on Reddit. The data of the transaction are still available for viewing. It was not very complicated to find proof and links between the sum and the service. The results of this investigation are also posted on Reddit.

Some hobby detectives have gone even further and state that even more coins from the missed 850 000 BTC has been recovered and are in the hands of the board of the service. These speculations can be found on Reddit as well.

While the Mt.Gox homepage was reopened for users to log in and observe their personal data and balance, the web is filled with chatlogs that possibly have occurred between some enthusiasts and Mark Karpeles. Still, the proof of its authenticity is missing.

 

Instead of Conclusions

Those, who have lost money due to the deeds of the exchanger, should not wash their hands in the invisible soap. The funds have been determined, but still not palpable.

The victims of the affair are not creditors, are not going to profit from selling of any assets belonging to Mt.Gox. The lawsuits already given in remain the only way to recover personal losses. The only question – how long will it take?

The repayment of debts might be even terminated due to the priority of liquidation of the company. The future stays unclear and no official statement of these questions has been published.

Once again: can everything said above be considered as proof of incompetence? We believe: Yes, it can. It is a pity that this knowledge cannot provide real assistance.


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