Former Mt.Gox chief to launch crypto-rating agency and distribute NFTs

The former head of the collapsed Mt.Gox bitcoin exchange, Mark Karpeles, told Forkast in an interview that UNGOX, a crypto-rating agency, would be launched and that non-fungible tokens would be distributed. MtGox NFTs would go only to clients of the hacked platform.

UNG0X will launch in the third quarter of 2022. The agency will assign and maintain ratings for cryptocurrency exchanges and related entities. The assessment will be based on Mark Karpeles’s experience in running Mt.Gox and a patented algorithm.

The issuance of MtGox NFTs is expected to total 1,066,097 tokens—the number of Mt.Gox users at the time of its collapse in early 2014.

To issue the NFTs, accounts must be verified on the exchange via mtgoxnft.net and provide the required information. The minting could take several weeks.

MtGox NFT holders will receive:

• an eternal and free subscription to UNGOX services;
• a certificate of being an early Bitcoin supporter and of having experienced the bankruptcy of the largest Bitcoin exchange at the time;
• membership in a DAO and other yet-to-be-developed use cases.

“MtGox NFT proves that you were at the dawn of Bitcoin, and now you can prove it on the blockchain”, the project’s site says.

The initiative is not connected with the ongoing Mt.Gox bankruptcy proceedings and does not affect them.

Earlier in Tokyo, the Tokyo District Court approved the Mt.Gox civil rehabilitation plan.

The plan for reimbursing users was presented in December 2020. In January 2021, the details of the plan were disclosed, and in February the court approved it for subsequent voting.

It started on May 31 and ended on October 20. The compensation proposal was supported by about 83% of users.

Earlier, Fortress Investment Group proposed to creditors of Mt.Gox buy out their claims for 80% of value.

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