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Mark Karpeles – the man behind the legendary failure of crypto exchange Mt. Gox in Japan – has announced he will be establishing a new crypto ratings service he’s calling UnGox. It’s allegedly his way of making up for the past and saying he’s sorry for being involved with one of the biggest – and ugliest – crypto schemes in the history of the space.
Mark Karpeles Develops Crypto Tool UnGox
Mt. Gox was a crypto exchange that has been lost to time, but its infamous reputation will likely hover in their air for a long while. One of the world’s first leading digital currency trading platforms, the company saw more than $400 million in BTC funds disappear overnight in February 2014. To this day, very little of the lost funds have been returned, and the answers are not entirely clear regarding where the money went or even what happened.
Karpeles was the executive in charge of the company at the time of the infamous hack. He was eventually arrested and put on trial in Japan, only to receive a suspended sentence for allegedly manipulating exchange data, embezzlement, and breach of trust. This was huge given that Japan is known for having one of the highest conviction rates in the world. While Karpeles was able to avoid a lengthy jail sentence, many likely still have concerns about his intentions.
Karpeles has now unveiled UnGox, a new series of crypto information services designed to give traders the information and training they need to make intelligent investing decisions and bypass the risks often associated with the crypto space. In a speech at Tokyo’s Foreign Correspondents’ Club, he discussed his position with UnGox, saying:
Why me? I went through everything that could go wrong when running an exchange. When running Mt. Gox, I did due diligence on several different crypto exchanges. We don’t want people to get ‘Goxed’ anymore.
The idea of Karpeles being involved in any further crypto ventures was not scoffed at by everyone in the room. One person who thinks it’s a good idea is Jake Adelstein, a writer with Tokyo Vice. He believes the fall of Mt. Gox and Karpeles’ bad experiences in the crypto space were enough to teach him what’s right and wrong and show him how to establish leading digital products that could bring the space to a whole new level.
The Best Man for the Job?
As human beings, we learn from our mistakes. Nobody better to rate cryptocurrency as he’s dealt with all the problems.
While Mt. Gox was no doubt a huge event, it has since been “outclassed” by other crypto hacks such as the one that occurred on Coincheck – also in Japan – in early 2018. The company lost more than $500 million in assorted crypto funds and now ranks amongst the highest losing crypto firms in history.