Former Mt. Gox CEO Announces Launch of EllipX Crypto Exchange in Europe

Mark Karpeles, the ex-CEO of the now-defunct Mt. Gox cryptocurrency exchange, is set to introduce a new cryptocurrency exchange named EllipX in September.

Based in Poland, EllipX will initially focus on serving users across Europe, with future plans for global expansion. The platform will start as a cryptocurrency-only exchange, with the possibility of introducing banking and fiat services later on.

EllipX is designed to adhere to the European Union’s Markets in Crypto-Assets Regulation (MiCA) and aims to enhance transparency by conducting regular third-party audits.

Why EllipX and Why Now?

During an interview at Korea Blockchain Week, Karpeles discussed the advancements in Bitcoin (BTC) technology that now facilitate the secure storage of cryptocurrencies.

“Exchanges have largely remained unchanged over time. I believe it’s essential to lead by example and demonstrate that connections can be built in a fully transparent manner.”

As part of his effort to regain trust and offer reparations to those impacted by the Mt. Gox hack, Karpeles shared that former Mt. Gox users will receive a discount of “at least 50%” on trading fees at EllipX. This reduction is linked to non-fungible tokens issued previously for Mt. Gox users, although only a fraction of the affected individuals have claimed theirs.

Reparations and Community Feedback

Karpeles hopes that this fee-reduction initiative will help rebuild relationships with those who lost assets during the collapse of Mt. Gox in early 2014.

He mentioned having received death threats following the incident but noted a change in the crypto community’s perception of him over the years:

“I never anticipated attending a Bitcoin conference again related to crypto. However, a few years later, people approached me, encouraging me to speak at their conferences.”

Mt. Gox Repayments

On July 5, Mt. Gox initiated repayments to its rehabilitation creditors through designated crypto exchanges.

These repayments were conducted in BTC and Bitcoin Cash (BCH), and as reported by MtGoxBalanceBot, the total BTC balance held by the Mt. Gox Trustee at the time was approximately 94,457 BTC.

Despite concerns about potential sell-offs from reimbursed assets, Mt. Gox creditors have chosen to retain their holdings, having waited a decade to recover their funds.