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Mark Karpeles, the former Mt. Gox CEO, is launching a new crypto exchange, promising a "transparent" and well-regulated platform. He pointed to the crypto-friendly MiCA framework in Europe and contrasted the collapse of Mt. Gox with the downfall of FTX.
Trust Rebuilding After Mt. Gox Collapse
Mark Karpeles, the former CEO of Mt. Gox, explained in a live broadcast on X why crypto consumers could trust him with their money despite his association with the Mt. Gox collapse, and he promised to be honest with his new cryptocurrency exchange.
The Japanese exchange lost as much as 950,000 BTC in a string of hacks while Karpeles was CEO.
Audits and Real-Time Data Ensure Transparency
Potential customers of Karpeles' EllipX exchange, however, have been reassured by him that nothing like this will happen. He made it clear that the platform would be subject to thorough audits and full transparency. Since users can view all data related to the trade in real-time, they won't have to trust anyone, including him, in control.
Coingape also reveals that Mark Karpeles, who spent a year in prison in Japan for his troubles with Mt. Gox, discussed why he felt it was prudent to start a new cryptocurrency exchange nevertheless.
Karpeles’ Experience Shapes New Exchange
According to him, there's still a long way to go until crypto trading services are fully functional. He went on to say that his knowledge of the potential pitfalls of running a cryptocurrency exchange gives him the finest background.
In Europe, you can find Karpeles' EllipX. The ex-CEO of Mt. Gox brought up his French background and familiarity with European legislation while explaining the reasoning behind the decision.
He said that MiCA, the Markets in Crypto-Assets legislation, was a big deal and that it's the greatest crypto legislation since it creates a favorable regulatory climate.
Mark Karpeles further stated that the new cryptocurrency exchange would not operate in Japan due to the country's officials, whom he asserts are more concerned with rules and regulations than with fostering innovation.
Although he was unable to provide a precise launch date, the former CEO of Mt. Gox did announce that the EllipX exchange will go live this month. Since all of the reserves will be reviewed and made public, Karpeles is certain that the new exchange will be just as transparent as the top cryptocurrency exchanges.
Mt. Gox Hacks Differ from FTX’s Collapse
In light of FTX's demise and Sam Bankman-Fried's conviction, the question of whether the former CEO of Mt. Gox felt any relief was put to the ex-CEO. The $8 billion lost by FTX clients, he pointed out, was insignificant in comparison to the devastation endured by Mt. Gox subscribers.
He went on to say that whereas FTX went under due to Bankman-Fried's poor management, Mt. Gox went under due to hacking.
Additionally, he stated that FTX operated as a criminal organization.
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