Mark Karpelès, the former CEO of controversial cryptocurrency exchange Mt. Gox, is set to launch another European exchange called EllipX, based in Poland. In an announcement at KBW2024, Karpelès said the exchange is expected to launch later this month. Karpelès is determined to return to the crypto space after a turbulent past.
Karpelès told that the goal is to “correct what went wrong” with Mt. Gox, a platform that once dominated the Bitcoin trading industry before its catastrophic collapse in 2014.
Who is Mark Karpelès?
Mark Karpelès, a French-born entrepreneur and programmer, became a major figure in the crypto industry as CEO of Mt. Gox. He acquired the exchange in 2011, when it was already handling more than 70% of the world’s Bitcoin transactions.
Under Karpelès’ leadership, Mt. Gox grew rapidly, becoming the largest Bitcoin exchange during the cryptocurrency’s early years.
However, Karpelès’ time at Mt. Gox came with great challenges, culminating in one of the biggest scandals in cryptocurrency history.
In early 2014, Mt. Gox abruptly shut down and filed for bankruptcy after revealing that approximately 850,000 Bitcoins, valued at around 450 million USD at the time, had been stolen due to a security breach.
This event shook the entire cryptocurrency industry, leading to a long legal and financial battle that left many customers in limbo.
The collapse of Mt. Gox had a profound impact on the market, impacting confidence in digital currencies. Karpelès was arrested in Japan in 2015 on charges related to embezzlement and data manipulation.
He was later found guilty of falsifying financial records but acquitted of embezzlement. Despite the acquittal, Karpelès’ reputation was never the same, and he became a controversial figure in the crypto world.
In the years since Mt. Gox’s collapse, there have been several moves to reimburse the exchange’s creditors. Karpelès told that more than 50% of Mt. Gox customers have already received their refunds, with efforts ongoing to resolve the remaining claims.
EllipX – A New Beginning?
EllipX represents Karpelès’ attempt at redemption. The exchange will operate under strict regulatory standards, aiming to restore trust in cryptocurrency trading.
By launching EllipX, Karpelès aims to demonstrate that he has learned from past mistakes and is committed to providing a safe and reliable platform for crypto traders in Europe.
Karpelès’ return to the industry will certainly be met with a cautious reception, but he remains determined to “right what went wrong” with Mt. Gox. Ultimately, Karpelès hopes to leave a more positive legacy in the crypto world with EllipX.
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