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.

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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.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.