Mark Karpelès, the former CEO of Mt. Gox, has returned to the cryptocurrency world with the launch of EllipX, a new exchange designed to set a new standard for security, transparency, and trust in digital asset trading.
EllipX, which is based in Poland, aims to address many of the issues that have plagued previous exchanges, especially around security and user confidence. The platform is fully compliant with the European Union’s Markets in Crypto-Assets (MiCA) regulations, and it promises to offer a safe, seamless trading experience for users across Europe and beyond.
Karpelès, who has been the subject of much scrutiny since Mt. Gox’s collapse, is using his expertise and experience to offer a platform built on cutting-edge technology. Notably, EllipX incorporates Multi-Party Computation (MPC) wallet technology, which distributes the management of private keys across multiple parties, reducing the risk of breaches and insider threats. This system ensures that user assets are highly protected and that trading remains secure.
One of the standout features of EllipX is its partnership with BitGo, offering users up to USD $250 million in insurance coverage for their digital assets. This partnership highlights EllipX’s commitment to providing a high level of security, addressing a key concern for cryptocurrency traders who have been affected by previous exchange hacks and thefts.
Transparency is another cornerstone of EllipX’s philosophy. The exchange conducts regular Proof of Reserves (PoR) audits with independent third parties to verify that customer deposits are fully backed by accessible liquidity. This ensures that EllipX users can trade with confidence, knowing their assets are secure and that the platform is accountable for its holdings.
EllipX is designed to cater to both beginner and experienced traders. The platform features an intuitive interface that makes it easy for newcomers to navigate the crypto world, while its competitive fee structure, with taker fees as low as 0.10% and maker fees at 0.03%, positions it as one of the most cost-effective exchanges available.
Mark Karpelès’ return to the crypto world follows a remarkable journey of resilience. After Mt. Gox, where £300 million worth of Bitcoin was stolen, Karpelès became the subject of a high-profile legal battle, eventually being acquitted of major charges of embezzlement and fraud. He was convicted on a lesser charge of falsifying financial records, but he emerged from the ordeal determined to rebuild his life and reputation.
Reflecting on his experience, Karpelès said, “When I was arrested, I faced 20,000 pages of evidence, with nothing but a basic calculator. I knew the truth, and I refused to let it be buried. Now, with EllipX, I’m using everything I learned to build something that brings trust and security to the crypto space.”
EllipX plans to expand its offerings with more trading pairs, advanced tools, and solutions tailored for businesses and institutions. Karpelès envisions EllipX as a comprehensive ecosystem for cryptocurrency, one that is built on trust and designed to support traders at every level.
For more information, visit EllipX.
