200,000 “forgotten” Bitcoins recovered by Mt. Gox

Mt Gox has submitted a statement saying that they have recovered 200,000 forgotten Bitcoins. As per the statement the Bitcoins were stored in an online wallet since June 2011 and apparently “forgotten” by 28-year-old Frenchman Mark Karpeles, who headed the crypto-currency exchange.

As per the news coming in, they were found on March 7th, a week after Mt. Gox filed for bankruptcy. They had claimed that their site has been hacked and 850,000 Bitcoins were stolen. Now when a U.S. judge allowed the stolen Bitcoins to be tracked, MT Gox claimed that they have recovered the forgotten Bitcoins and have moved them to their own offline wallets for security reasons.

This news gives rise to a lot of questions, particularly the fact that how come a person forgets 200,000 Bitcoins, which is valued at around 118 million dollars. Also why the Mt. Gox management did not declare their findings right away, they only made the announcement when they realized that these coins can be tracked back to their wallets. The whole Mt Gox case stinks of an inside deal. Previously they had failed to answer, how come they were unable to detect the hack, which was supposed to happen over a number of years. Did not they tally their balances after each month or week? They were handling a lot of money and it is common sense to check the balances after a specific period of time. All financial institutions do it. They had also claimed that 28 million was "missing" from its Japanese bank accounts, how come did happened. Did they also forget that it was also moved to some other bank?

This new information shows how shoddily these so called crypto-currency exchanges operated, and due to these numerous hacks and insider jobs the whole crypto currency and alternate currency movement is suffering.