Mark Karpeles, CEO of now defunct Mt. Gox crypto exchange to launch rating service

cnbctv18.com:

Mark Karpeles, Co-Founder and ex-CEO of the defunct crypto exchange Mt. Gox, recently announced his return to the world of cryptocurrencies with a fresh start-up called UNGOX. This clever christening indicates the undoing of his crypto exchange’s failure and his attempt to protect investor interest.

“Following Mt. Gox’s bankruptcy, ‘goxed’ (sometimes written goxxed) has become a synonym of losing cryptocurrencies due to faulty Bitcoin exchange or wallet that screwed up,” said Mark in an interview with Forkast where he announced his latest endeavour.After a series of unfortunate events turned his life upside down for over five years, Karpeles is now making his way back with UNGOX, which is poised to address the problems everyday investors would face while investing in crypto. According to Karpeles’s interview statements, UNGOX will position itself as a rating agency for crypto firms and evaluate four aspects of every entity: technology deployed, transparency maintained, people, and legal context.This comes after his long legal battle with the Japanese judiciary, from which he emerged victoriously in 2019.

But cut back to July 2010, and Mt. Gox had just commenced operations, quickly becoming the largest crypto exchange of its time. However, it was forced to shut down in February 2014 after a massive hack rendered it bankrupt.