Former Mt. Gox CEO Launches European Exchange, Aims to ‘Fix What Went Wrong’
Date: 2024-09-05 Author: Henry Casey Categories: BUSINESS
Mark Karpeles, the former CEO of infamous cryptocurrency exchange Mt. Gox, is gearing up to launch a new European exchange called EllipX, which will be based in Poland.
In a statement at the KBW2024 conference, Karpeles said the exchange is scheduled to launch later this month. Karpeles is looking to return to the cryptocurrency industry after his troubled past.
He told CryptoNews that his goal is to “fix what went wrong” with Mt. Gox, the platform that once dominated the Bitcoin market before its catastrophic collapse in 2014.
Who is Mark Karpeles?
Karpeles is a French entrepreneur and programmer who has become an important figure in the crypto space as the CEO of Mt. Gox. He acquired the exchange in 2011, when it was already processing more than 70% of the world’s Bitcoin transactions.
Under Karpelès’ leadership, Mt. Gox grew rapidly, becoming synonymous with Bitcoin trading in the early days of cryptocurrency.
However, Karpelès’ tenure at the helm of Mt. Gox was marred by significant problems, culminating in one of the largest scandals in cryptocurrency history.
In early 2014, Mt. Gox suddenly shut down and filed for bankruptcy after it was revealed that around 850,000 Bitcoins, valued at around $450 million at the time, had been stolen in a security breach. The event sent shockwaves through the crypto industry, triggering a lengthy legal and financial battle that left many customers in limbo.
The collapse of Mt. Gox had a profound impact on the market, undermining confidence in digital currencies. In 2015, Karpelès was arrested in Japan on charges related to theft and data manipulation. He was later convicted of falsifying financial reports but acquitted of the embezzlement charge. Despite his acquittal, Karpelès’ reputation was severely damaged and he became a controversial figure in the cryptocurrency world.
In the years since, efforts have been made to repay Mt. Gox creditors. Karpelès told CryptoNews that more than 50% of Mt. Gox customers have been compensated and work is ongoing to resolve the remaining claims.
EllipX: A New Beginning?
EllipX represents Karpelès’ attempt to atone for his past actions. The exchange will operate under strict regulatory standards in an effort to restore trust and confidence in cryptocurrency trading.
With the launch of EllipX, Karpelès aims to show that he has learned from the past and is committed to providing a safe and secure platform for European cryptocurrency traders.
Karpeles’ return to the industry will certainly be met with scrutiny, but he remains determined to “fix what went wrong” with Mt. Gox, hoping to leave a more positive legacy in the crypto world with EllipX.
KBW2024 is happening in Seoul this week
Korea Blockchain Week (KBW2024) is taking place in Seoul, South Korea from September 1-7, bringing together a global audience of blockchain enthusiasts, developers, investors, and industry leaders. The country is a leader on the Web3 and blockchain front.
Speakers include Vitalik Buterin, Arthur Hayes, Brad Garlinghouse, Richard Teng, and more.
