Mark Karpelès, the ex-CEO of Mt. Gox, launches a rating agency to assess crypto projects

Mark Karpelès to launch rating agency UnGox

Marc Karpelesformer CEO of infamous platform Mt. Gox says he wants to get back into the blockchain and cryptocurrency industry by launching his own rating agency called UnGox.

The objective of this new project is to provide investors with information on the seriousness and reliability of different decentralized finance (DeFi) protocols and cryptocurrency exchanges in order to guide them in their research.

Mark Karpelès with and before his personal experience to illustrate its capabilities in this area. The Mt. Gox exchange had indeed undergone various hacks throughout its existence. A final attack in February 2014 will bring the total casualties to 850,000 bitcoin (BTC) and will definitively put the platform in bankruptcy:

“I have experienced almost every problem a trading platform can encounter […]I have accumulated a lot of experience in cryptocurrencies. My goal is that this does not happen again. »

Indeed, to put the disaster at the time into perspective, 850,000 BTC amounted to nearly 7% of bitcoins in circulation. Moreover, Bitcoin accounted for almost the entire market by capitalizing 7.5 billion dollars at the time of the factsLitecoin came second with $400 million.

👉 To go further – Discover the history of Mt. Gox on our YouTube channel

An uncontrolled presentation

Looking at the interview with Mark Karpelès, the solidity of this rating agency project can leave room for doubt. We will learn despite everything that UnGox will present a free version as well as premium information via a subscription system.

When a speaker asks if there are any investors backing the idea and if there are plans to hire security hackers (white hats), Mark Karpelès argues that the funding is in progress and that ten analysts are to be recruited, but gave no names for the sake of anonymity.

However, where we feel the interested party in difficulty vis-à-vis what the market is today, it is when he was asked its evaluation criteria to judge a project. He said for example that anonymous founders can be a red flag or that if one offers 50% returns per month, it is a scam.

These are indeed criteria to dig into, but they in no way allow us to categorically classify a DeFi protocol as a scam. Anonymity or at least pseudonymity is common and very high yields appear regularly at the beginning of a project’s life when liquidity is not yet there.

Having so far only little information, we can not allow ourselves to judge too hastily. But it is certain that Mark Karpelès will have to prove themselves in order to show that he is up to date with the latest blockchain technologies.

Indeed, since 2014, the market has evolved considerably, moreover Ethereum (ETH) did not even exist and we have since witnessed a real professionalization of the blockchain ecosystem.

👉 In The News – Security auditing firm CertiK propels its valuation to $2 billion

Source: Historical prices: CoinMarketCap, Image: LinkedIn

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About the Author : Vincent Mayor

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I timidly discovered the world of blockchain at the end of 2018 during my quest for financial freedom. Initially invested moderately, it was only two years later that I took the gamble of betting everything on the movement that was taking shape then. I then dedicate 2021 to training myself better to acquire more knowledge and seriousness. As I often like to say: I still have a billion things to learn. And what I do know, I want to share with you.
All articles by Vincent Maire.

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