Mt. Gox Former CEO Launches New Crypto Venture

Mark Karpelès, former CEO of the defunct Mt. Gox exchange, is making a comeback with a new project called EllipX.

Announced recently on X (formerly Twitter), EllipX introduces a new wallet designed to enhance cryptocurrency security and ease of use.

The EllipX Wallet, revealed on August 6, employs a Multi-Party Computation (MPC) system to safeguard private keys by dividing them among the user, their device, and EllipX’s infrastructure.

This innovative approach eliminates the need for traditional recovery phrases and supports Ethereum initially, with plans to include Bitcoin and other assets soon.

EllipX aims to provide a secure and user-friendly experience, integrating biometric and hardware security features to protect assets. Karpelès described the launch as a significant step toward more secure and accessible crypto management.

Community reactions have been mixed, given Karpelès’ controversial past with Mt. Gox, which collapsed in 2014 after losing 850,000 Bitcoins in a major hack. Despite his legal troubles and the negative impact on his reputation, Karpelès is now focusing on revamping his image with this new venture.