Former Mt. Gox CEO Mark Karpelès will launch a new crypto exchange, EllipX, later this month in Poland. Karpelès reportedly revealed this during the Korea Blockchain Week event in Seoul on September 4, 2024.
He expressed his desire to “make right what went wrong” with Mt. Gox, the Bitcoin exchange that collapsed in 2014 after a major hack. According to him, compared to the situation at the hack, Bitcoin now has better security options.
Former Mt.Gox CEO on stage right now for the second time today at #KBW2024 #Seoul @michaelterpin @MagicalTux @kbwofficial Mark says he wants to “make right what went wrong” by launching a new European crypto exchange — EllipX exchange will be headquartered in Poland. #btc… pic.twitter.com/ZXxbCSx7Ne
— Tanzeel Akhtar (@Tanzeel_Akhtar) September 4, 2024
EllipX would comply with the EU’s Markets in Crypto-Assets (MiCA) regulations and ensure transparency through regular third-party audits, according to Karpelès. Initially, the platform will cater to European users with plans for global expansion. Although it will start as a crypto-only platform, He noted there are plans to add banking and fiat currency services.
Karpelès also stated that the crypto community’s attitude towards him has softened, considering the multiple death threats following the Mt. Gox hack. He expressed surprise at being invited to speak at Bitcoin conferences again after a few years.
Karpelès had earlier revealed that EllipX would offer special discounts on trading fees for Mt. Gox NFT holders as part of plans to rebuild trust with former users.
In an announcement on his X page on August 30, 2024, he stated customers who used Mt. Gox from 2010 to 2014 would receive special discounts on trading fees, “at least 50% off,” on EllipX.
Meanwhile, Mt. Gox’s trustee, Nobuaki Kobayashi, began repaying some of its approved creditors on July 5, 2024, distributing BTC and Bitcoin Cash through specific exchanges. More than $9.9 billion worth of Bitcoin and other cryptocurrencies is expected to be distributed to the affected parties as part of the repayment process. According to MtGoxBalanceBot, over 96787 BTC has been transferred from wallet addresses linked to the Mt. Gox Trustee since this announcement.
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EllipX faces a very different regulatory environment in 2026
When EllipX was announced, Poland was preparing for MiCA to reshape the country’s crypto market. By 2026, however, Poland’s regulatory transition had become one of the more complicated MiCA stories in Europe.
Polish lawmakers passed legislation in May 2026 intended to bring the country’s crypto market fully in line with MiCA. The move came as regulators faced growing pressure to strengthen oversight of the sector, particularly following the investigation into Zondacrypto, Poland’s largest crypto exchange. Prosecutors estimated that losses connected to the case could exceed 350 million zlotys ($96 million), with thousands of users reportedly unable to access their funds.
The legislation was subsequently vetoed by Polish President Karol Nawrocki in June, marking the third presidential veto of cryptocurrency regulation in Poland. The dispute has left the country struggling to establish a functioning domestic framework for licensing crypto-asset service providers under MiCA.
That creates an important complication for EllipX because Poland was selected as its base partly around the opportunity to operate within Europe’s emerging regulated crypto market.
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