Troubled Bitcoin exchange MtGox has discovered $116 million worth of the virtual currency inside an old format wallet, Digital Spy said.

The funds have been declared to the courts where the company has filed for bankruptcy protection, but will not be enough to save it.

MtGox filed for bankruptcy protection in its native Japan after 744,000 Bitcoins - worth around $345 million - were reportedly stolen via a security loophole. It has since taken the same action through the US courts.

Following the debacle, CEO Mark Karpeles's personal blog and Reddit account were hacked, resulting in information about the exchange's trading activities being posted online.

MtGox's opponents have criticised its latest move, describing its bankruptcy protection filing in the US as a "ruse" in an attempt to divert attention from instances of "massive fraud".

MtGox was the world's largest Bitcoin exchange and its recent troubles have seen the virtual currency's value take a dip, with one unit worth around half the price it reached in November 2013.