Former Mt.Gox CEO to Launch European Exchange And “Make Right What Went Wrong”

cryptonews.com:

Tanzeel Akhtar has been covering the cryptocurrency and blockchain sector since 2015. She has written for the Wall Street Journal, Bloomberg, CoinDesk and Bitcoin Magazine.

Mark Karpelès, the former CEO of the infamous cryptocurrency exchange Mt. Gox, is set to launch a new European exchange called EllipX, headquartered in Poland.

In an announcement during KBW2024, Karpelès said the exchange is scheduled for launch later this month. Karpelès is intent on making a return to the cryptocurrency industry after a turbulent past.

He told CryptoNews the aim is to “make right what went wrong” with Mt. Gox, a platform that once dominated the Bitcoin trading world before its catastrophic collapse in 2014.

Former Mt.Gox CEO on stage right now for the second time today at #KBW2024 #Seoul @michaelterpin @MagicalTux @kbwofficial Mark says he wants to “make right what went wrong” by launching a new European crypto exchange — EllipX exchange will be headquartered in Poland. #btc… pic.twitter.com/ZXxbCSx7Ne

Karpelès, is a French-born entrepreneur and programmer became an important figure in the crypto space as the CEO of Mt. Gox. He acquired the exchange in 2011 when it was already handling over 70% of the world’s Bitcoin transactions.

Under Karpelès’ leadership, Mt. Gox grew rapidly, becoming synonymous with Bitcoin trading during the early years of cryptocurrency.

However, Karpelès’ tenure at Mt. Gox was marred by significant challenges, culminating in one of the largest scandals in the history of crypto.

In early 2014, Mt. Gox abruptly shut down and filed for bankruptcy after revealing that approximately 850,000 Bitcoins, valued at around $450 million at the time, had been stolen due to a security breach. This event shook the entire crypto