Former Mt. Gox CEO Mark Karpeles has assured crypto users why they can trust his new crypto platform, EllipX, even though he was in charge during the collapse of the former exchange. Karpeles stated that he plans to approach things differently with EllipX and believes his experience qualifies him to lead the new exchange.
In an interview on the X platform, Mark Karpeles, the former CEO of Mt. Gox, stated that his new cryptocurrency exchange will be honest and he explained why, despite his past, crypto customers can trust him with their money. During a string of platform breaches, the Japanese-based exchange lost up to 950,000 BTC, and Karpeles was the CEO at the time.
Karpeles has promised potential EllipX exchange users, though, that a similar circumstance won’t arise. He pledged full transparency and assured an audit trail for the platform. Users will be able to view all trade data in real time, so they won’t need to trust anyone in control, including him.
Mark Karpeles also elaborated on his decision to launch a new crypto exchange despite the challenges of his past, including a 12-month stint in a Japanese jail. He expressed that there is still a significant need for improvement in crypto trading services. Additionally, he emphasized that his unique experience, particularly in understanding potential pitfalls, positions him as the right person to lead a crypto exchange effectively.
Why EllipX Will Be Based In Europe
Karpeles intends to establish EllipX in Europe. The founder of the cryptocurrency noted that he is French and is conversant with European laws when he explained the rationale behind this decision. Asserting that MiCA is the best crypto legislation and will offer a favorable regulatory environment in which to operate, he disclosed that MiCA was a significant contributing element.
Mark Karpeles also stated that the Japanese authorities, who he believes are only interested in rules rather than encouraging innovation, made Japan unsuitable for the new cryptocurrency exchange.
The EllipX exchange will go live later this month, the former CEO of Mt. Gox said, though he was unable to provide a precise launch date. Because all of the reserves will be audited and made public, Karpeles is optimistic that the new exchange will be able to compete with the most transparent cryptocurrency exchanges.
Drawing a Similarity Between Mt. Gox and FTX
After FTX’s demise and Sam Bankman-Fried, its former CEO, was found guilty, Karpeles was questioned if he felt any sense of relief. He did point out, though, that the $8 billion lost by FTX clients was insignificant in comparison to the losses incurred by Mt. Gox consumers. The EllipX exchange is set to launch later this month, according to the former CEO of Mt. Gox, noting that the latter failed due to Bankman-Fried’s poor management while the former was compromised through hacking. He continued by saying that FTX operated like a criminal organization.
