Mt.Gox CEO Mark Karpeles returns to the crypto market and will launch new cryptocurrency exchange EllipX

Mark Karpeles, the former CEO of the infamous Mt. Gox exchange, is set to launch a new cryptocurrency platform named EllipX. Based in Poland, the exchange will initially serve European users, with plans to expand globally. Starting as a crypto-only platform, EllipX may later introduce banking and fiat currency services as it grows.

Focus on Transparency and Compliance

Karpeles emphasises that EllipX will prioritise security and transparency. The platform intends to fully comply with the European Union’s Markets in Crypto-Assets Regulation (MiCA). To maintain trust, regular third-party audits will be conducted, setting a new standard for transparency in the industry. Karpeles believes that advancements in Bitcoin technology now allow for the secure storage of cryptocurrencies, which will be reflected in the new exchange.

related reading：The main culprit for Bitcoin’s recent price collapse, Mt. Gox will transfer Bitcoin worth $2.2 billion in preparation for final repayment

Reparations for Mt. Gox Users

In an effort to rebuild trust and offer reparations to those impacted by the Mt. Gox collapse, Karpeles plans to offer former Mt. Gox users a 50% discount on trading fees at EllipX. This discount will be tied to non-fungible tokens (NFTs) he released for Mt. Gox users, though only a small fraction of the affected users have claimed them so far. Karpeles hopes this gesture will help reconnect with the community that suffered during Mt. Gox's downfall in 2014.

related reading：Mt. Gox’s $3.2B Bitcoin Transfer Causes Bitcoin Price to Fall

Community Response and Past Challenges

Karpeles acknowledges the challenges he has faced, including death threats after the Mt. Gox hack. However, he notes that attitudes within the crypto community have softened over time. He even mentioned that he was surprised to be invited to speak at Bitcoin conferences again, a sign of his gradual reacceptance into the community.

Mt. Gox Repayments

Meanwhile, Mt. Gox has started repaying some of its rehabilitation creditors. The repayments, made in Bitcoin and Bitcoin Cash, signal a long-awaited step toward restitution for those who lost funds in the 2014 collapse. Despite fears of a massive sell-off, many creditors have retained their holdings.