MtGox Finds 200,000 Bitcoins In Old Wallet
thesandbender writes: "Today brings news that MtGox has 'found' 200,000 Bitcoins in a 'forgotten' wallet that they thought was empty (PDF). The value of the coins is estimated to be $116 million USD, which happens to cover their $64 million USD in outstanding debts nicely and might offer them the chance to emerge from bankruptcy. There is no explanation yet of why the sneaky thieves that 'stole' the bitcoins used a MtGox wallet to hide them."
It's amazing how they "found" these... I would have thought that computers would make it impossible to "lose" such funds - even with the most simplistic of accounting programs. The more I hear, the more it sounds like something else is going on (like the principles of Mt Gox trying to run off with as many BitCoins as they can). It's like watching a soap opera.
StarTrekPhase2 - The Five Year Mission Continues!
Oh I know how that is. The other day I put on one of my old winter coats from years ago and found 500,000 bitcoins in the pocket. It was completely unexpected. I used it to buy a pizza.
Thieves often place stolen goods nearby so they can retrieve them later
I could argue that the system probably was setup to save lost bitcoins into a wallet.
The CEO may not have known about it, as the programmers, probably felt that such an error could happen, so there was a mechanism to deal with it.
If something is so important that you feel the need to post it on the internet... It probably isn't that important.
While it's seems convenient and sketchy to magically find money after it was stolen, is it possible that MtGox is just that incompetent?
No beer and no TV make Homer something something
They have the lying skills of a twelve year old.
A winner is you!
I'm going to check behind the fridge and under the couch.
I hear someone's lost an airliner.
Confucius say, "Find worm in apple - bad. Find half a worm - worse."
As Falkvinge says, this looks like a copycat fraud.
In one of the first major bitcoin scams, mybitcoin com in 2011, the owner also said hackers took everything and "luckily" recovered a percentage of the funds some weeks later. This is a classic con man move, called cooling the mark out. You're supposed to accept that you were stupid, take your losses and go home, rather than pursue the scammers for the rest.
it's a shady way of transferring money anonymously.
One man's "shady" is another man's "prudently concealed".
If you copy my wallet (cloudy or cold) and know the decryption password or whatever, presumably I still have it as well, since it's just digital data.
So it is a race to see who spends them first I guess, me, if I discover the "theft" quickly, or you right after you access the data.
Or I guess you could copy the coins data then do a secure wipe on my storage including my backups. That seems implausible if I have a decent backups policy.
Anyone know what "stealing" bit coins from MtGox actually meant in this case?
Where are we going and why are we in a handbasket?
"There is no explanation yet of why the sneaky thieves that 'stole' the bitcoins used a MtGox wallet to hide them."
Sure there is. The explanation is the whole thing is a huge swindle.
Wansu, th' chinese sailor
Consider, What does it mean for a bitcoin to be lost or to be found or to exist. To be "lost" it means no one no longer knows the bitcoin's key. Yet you can also have more than one copy of the key. For example MagicTux might have "stolen" the coin (that is, transfered a coin to a key, deleted that key from the mtGox data base ("oopsie") but secretly kept a copy of the key somewhere else. But then suppose that not all copies of the key were deleted. Both the "found" key and the one lurking in MagicTux's hideout are the same valid key. Either one can spend the coin.
Thus there is not one copy of the coin to be found. there could be many.
If you give someone control of your wallet, so that they know your keys, you can never get back that control. They can always keep copies of it and have the authrority to spend. THe only way to recover control is to make a new key and transfer the coins to that. Thus these exchanges that manage your coins are scary.
Some drink at the fountain of knowledge. Others just gargle.
That's not a very safe place to keep your wallet.
Get free satoshi (Bitcoin) and Dogecoins
It sounds to me like it's a very safe place. You're going to notice any pickpockets pretty quickly.
You're a temporary arrangement of matter sliding towards oblivion in a cold, uncaring universe
So let me see if I get this right: If MtGox hadn't been hacked, and if they hadn't found this old wallet, then these guys would have lost $116 million out of sheer incompetence? Can you imagine Bezos saying to Amazon shareholders: "Sorry guys, we lost $116 million. The money must be somewhere in the building, but we can't find it. " Or Tim Cook. Or Eric Schmidt. Or Ballmer.