The former CEO of the now-defunct cryptocurrency exchange Mt. Gox, Mark Karpeles, is set to launch a new crypto exchange named EllipX this September. Based in Poland, EllipX will initially cater to European users, with plans to go global in the future.
EllipX will start by offering only cryptocurrency services, but there may be additions of banking and fiat currency features down the line. EllipX commits to following the European Union’s Markets in Crypto-Assets Regulation (MiCA) and ensures transparency by undergoing regular audits conducted by independent third parties.
According to a report, Karpeles highlighted that advancements in security and technology now make it safer to store cryptocurrencies. Regarding rebuilding trust and compensating those impacted by the Mt. Gox hack, Karpeles said that the new exchange would give former Mt. Gox users a discount of “at least 50%” on trading fees with EllipX.
The non-fungible tokens that Karpeles issued a few years ago for Mt. Gox users link to the discount. However, only a small fraction of the millions of affected users have redeemed them so far.
Creditors retain crypto holdings as Mt. Gox repays
Karpeles hopes that reducing fees as a form of compensation will help him rebuild trust with those who lost money when the exchange went under in early 2014. He mentioned receiving death threats after the hack but noted that the crypto community’s attitude toward him has softened over the years.
Additionally, Karpeles said that he never expected to attend another Bitcoin conference. Yet, a few years later, people approached him and invited him to give a lecture at their conference. On July. 5, Mt. Gox started paying back some of its creditors through specific crypto exchanges. They issued repayments in BTC and Bitcoin Cash.
According to an X post from MtGoxBalanceBot, the Mt. Gox Trustee held a total of 94,457 BTC at that point. Even though many expected a major sell-off of the reimbursed assets, Mt. Gox creditors have kept their holdings after waiting a decade to get their money back.
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