Sunday, December 4, 2022

MT Gox Ex-CEO Will Release NFT Series With Benefits For Customers

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The MT Gox ex-CEO will release a new NFT series that will have certain benefits to ex-customers of the defunct crypto exchange as we are reading more in today’s latest cryptocurrency news.

While still waiting to see what will happen with the BTC Stolen from the MT. Gox exchange, more than a million clients will be able to mint NFTs for free and take part in the new business started by the exchange’s former CEO. Mt.Gox was the most utilized exchange with more than a million users back in 2014 and was responsible for over half of the overall trading volume. It all turned out however after a hack on the platform which resulted in the loss of 850,000 BTC stolen and the company went bankrupt.

mark karpeles
Mark Karpeles, Source: Business Insider

What will happen to the funds remains a mystery until this day with the rehabilitation creditors still discussing the recovery plans. The most recent reports suggested that the investors can receive billions worth of BTC the year. In the meantime, the MT Gox ex-CEO Mark Karpeles decided to enter into another initiative focused on the crypto industry. As he announced, the new project is called UnGox and will be a service providing ratings for exchanges and their security levels, checking key areas and transparency, people, and legal context.

To get the initiative going and reconnect with the customers, Karpeles will introduce a non-fungible token series, and the users that registered from 2010 until 2014 will be able to provide their account details and get an NFT for free. Once the review is completed, they will be airdropped as NFTs whcih will give them access to the UNGOX services for free. It is also worth noting that the digital collections are not related to the conclusion of the exchange’s saga.

As recently reported, The now-defunct exchange based in Tokyo, Japan closed its operations in 2014 after thousands of bitcoins were stolen by unknown hackers. The process of making the exchange’s victims whole has been quite a long process and was characterized by legal disputes and delays. Today, we can see an end of a process which was the deadline for creditors to approve or to reject the civil rehabilitation proposal for compensation.

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