Mark Karpelès launches the UnGox rating agency
Mark Karpelèsthe former CEO of the infamous Mt. Gox platform announces he wants to return to the blockchain and active crypto industry by launching his own rating agency called UnGox.
The goal of this new project is to provide investors with information on the seriousness and reliability of the different decentralized finance (DeFi) protocols and cryptocurrency exchanges in order to guide them in their research.
About to be live at the @fccjapan for what concern #MtGoxNFT and UNGOX. It will start at 12:30 JST. https://t.co/GvPWBQbyts
– Mark Karpelès (@MagicalTux) April 11, 2022
Mark Karpelès with and avant his personal experience to illustrate his capabilities in this field. The Mt. Gox exchange had indeed undergone various hacks over the course of its existence. A final attack in February 2014 will bring the total casualties to 850 000 Bitcoin (BTC) and will definitely bankrupt the platform:
“I have experienced almost all the problems a trading platform can encounter […], I have accumulated a lot of experience in cryptocurrencies. My goal is that this doesn’t happen again. “
In fact, to put the disaster of the time into perspective, they amounted to 850,000 BTC almost 7% of the bitcoins in circulation. Furthermore, Bitcoin has represented almost the entire market by capitalizing 7.5 billion dollars at the momentLitecoin finished second with $ 400 million.
👉 To go further – Discover the story of Mt. Gox on our YouTube channel
An uncontrolled presentation
Looking at the interview with Mark Karpelès, the solidity of this rating agency project it can leave room for doubt. We will learn nonetheless that UnGox will present a free version and premium information via a subscription system.
When a speaker asks if any investors support the idea and if there are plans to hire security hackers (white hats), Mark Karpelès argues that the the loan is in progress and that ten analysts are to be recruited, but have not provided names for reasons of anonymity.
However, where we feel the interested party in difficulty with respect to what the market is today, is when he has been asked its evaluation criteria for judging a project. He said for example that anonymous founders can be a red flag or that if one offers a return of 50% per month, it is a scam.
These are indeed criteria to delve into, but in no way allow us to categorically categorize a DeFi protocol as a scam. Anonymity or at least a pseudonym It is common and very high returns appear regularly at the start of a project’s life when liquidity is not yet available.
With little information so far, we cannot afford to judge too hastily. But it is certain that Mark Karpelès they will have to prove themselves to prove that you are up to date with the latest blockchain technologies.
In fact, since 2014 the market has evolved considerably, moreover Ethereum (ETH) did not even exist and since then there has been a real professionalization of the blockchain ecosystem.
👉 In The News – Security audit firm CertiK pushes its valuation to $ 2 billion
Source: Historical prices: CoinMarketCap, Image: LinkedIn
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About the author: Vincenzo Mayor
I timidly discovered the world of blockchain in late 2018 during my pursuit of financial freedom. Initially invested moderately, only two years later I decided to bet everything on the movement that was taking shape at the time. So I dedicate 2021 to train better to acquire more knowledge and seriousness. As I often like to say: I still have a billion things to learn. And what I know, I want to share it with you.
All articles by Vincent Maire.
