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Mark Karpeles, the former CEO of the defunct cryptocurrency exchange Mt. Gox, will launch a new crypto exchange called EllipX in September.
Based in Poland, the platform will initially serve European users with plans to expand globally. It will start as crypto-only but potentially add banking and fiat currency services later.
EllipX aims to comply with the European Union’s Markets in Crypto-Assets Regulation (MiCA) and promote transparency through regular third-party audits.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-sell-pressure-september-2024" rel="null" target="null" text="null">Mt. Gox and US gov’t could introduce $15B Bitcoin selling pressure</a>
<h2 id="ellipx-why-and-why-now">EllipX: Why and why now?</h2>
In an interview with Cointelegraph at Korea Blockchain Week, Karpeles explained that security and technology around Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="" target="_self" text="null">BTC</a>) now “allows safe storage of cryptocurrencies.”
<blockquote>
 “[...] exchanges, especially exchanges, didn’t change much in all those times [...] I think the best way would be basically to lead by example, to show that connection can be built in a fully transparent way.”
</blockquote>
On regaining trust and offering reparations to those affected by the Mt. Gox hack, Karpeles informed Cointelegraph that the new exchange would offer former Mt. Gox users “at least 50%” off trading fees on EllipX.
The discount is tied to non-fungible tokens Karpeles released a couple of years ago for Mt. Gox users, but only a few hundred of the million affected users have claimed them so far.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/mt-gox-shifts-700m-bitcoin-first-big-move-3-weeks" rel="null" target="null" text="null">Mt. Gox shifts $700M in Bitcoin, first major move in 3 weeks</a>
<h2 id="reparations-and-community-response">Reparations and community response</h2>
Karpeles hopes the fee-cutting reparation gesture will help him reconnect with those who lost assets during the defunct exchange’s collapse in early 2014.
He stated that he had received death threats in the aftermath of the hack but stated that the attitude toward him in the crypto community had softened in recent years:
<blockquote>
 “I didn’t even expect to be at a Bitcoin conference ever again related to crypto [...] a couple of years later, people actually came to me and told me, hey, why don’t you come do a lecture at our conference.”
</blockquote>
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/mt-gox-s-suspected-bitgo-2-1-b-btc-wallet-activates" rel="null" target="null" text="null">Mt. Gox’s suspected $2.1B BTC Bitgo wallet activates</a>
<h2 id="mt-gox-repayments">Mt. Gox repayments</h2>
On July 5, Mt. Gox <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/mt-gox-repayments-bitcoin-bitcoin-cash" rel="" target="_self" text="null">began repaying some</a> of its agreed-upon rehabilitation creditors via designated crypto exchanges.
The repayments were made in BTC and Bitcoin Cash (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-cash-price-index" rel="" target="_self" text="null">BCH</a>), and, <a data-ct-non-breakable="null" href="https://x.com/MtGoxBalanceBot/status/1809120580572000274" rel="null" target="null" text="null">according</a> to an X post by MtGoxBalanceBot, the Mt. Gox Trustee’s total BTC balance was 94,457 BTC at the time.
Despite expectations of a significant sell-off of the reimbursed assets, Mt. Gox creditors have <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/mt-gox-creditors-hodl-bitcoin-btc-price" rel="" target="_self" text="null">retained their holdings after a decade-long wait</a> to receive their funds.
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/whales-humpy-gaming-dao-votes-solutions/" rel="null" target="null" text="null">Crypto whales like Humpy are gaming DAO votes — but there are solutions</a>

Former Mt. Gox CEO to launch EllipX crypto exchange in Europe

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