- Mark Karpelès, ex-CEO of Mt. Gox, is launching EllipX, a new European crypto exchange based in Poland
- EllipX aims to “fix what went wrong” with Mt. Gox and restore trust in the crypto market
- Karpelès has confirmed the launch is set for late September 2024
The former chief executive of the famous Mt. Gox exchange, Mark Karpelès, is ready for a second try in the crypto world with the new project EllipX—a European exchange based in Poland.
After the dramatic collapse of Mt. Gox in 2014, Karpelès wants to be able to “make things right” and start anew in the crypto area. The expected date of the launch of EllipX should be at the end of September 2024.
Mark Karpelès to Launch EllipX, Aiming to Redeem Mt. Gox Legacy
Mark Karpelès, the former CEO of Mt. Gox-the bitcoin cryptocurrency exchange that has made quite a few headlines lately with its ongoing compensations-is one step closer to unveiling a new European exchange called EllipX, headquartered in Poland.
This was revealed during KBW2024 – Korea Blockchain Week 2024 – where Karpelès himself confirmed that the exchange would go online by the end of September. Karpelès wants to make his entrance into the crypto world after a stormy past, stating what happened to Mt. Gox, the platform dominating the Bitcoin trading world until its collapse in 2014, is something he wants to “fix.”
Who is Mark Karpelès?
The French entrepreneur and developer gained great importance in the crypto world during the time he headed Mt. Gox. He bought the exchange back in 2011, and at that time, it processed more than 70% of Bitcoin transactions. Under Karpelès’ leadership, it grew very fast and became synonymous with Bitcoin trading during the very beginning of cryptocurrencies.
The company Mt. Gox suddenly shut down at the beginning of 2014, filing bankruptcy and citing a hack through a security vulnerability as the reason for the theft of roughly 850,000 Bitcoins.
The impact cut deep into the digital currency world and created a long, legal, and financial battle that has left many customers in limbo. The collapse really took a lot of trust away from the idea of digital currencies.
In 2015, he was arrested in Japan for suspected embezzlement and manipulating data. Later, Karpelès was found guilty of falsifying the financial records but was acquitted of embezzlement charges. Nevertheless, Karpelès became highly discredited.
There have been efforts of compensation to creditors since Mt. Gox went down. Karpelès said that more than 50% of Mt. Gox clients have been compensated already.
Conclusion
Now is the time for Mark Karpelès to redeem himself in the crypto community with EllipX and leave Mt. Gox in the past. Of course, if he delivers on what he promises, this new exchange could give crypto that second chance it needs. It goes live in September, so it’s one to watch!
