Former Mt. Gox CEO Launches 'Decentralized MPC Wallet'

IconCryptoNewsTerminal Staff23 Aug, 2024

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Former Mt. Gox CEO Launches 'Decentralized MPC Wallet'

Former Mt. Gox CEO Launches 'Decentralized MPC Wallet' Mark Karpeles, the former CEO of the now-defunct cryptocurrency exchange Mt. Gox, has announced the launch of "a decentralized Multi-Party Computation (MPC)-based wallet," EllipX, via his company, X. According to Karpeles, EllipX allows users to manage their private keys across their own devices, as well as the EllipX itself, enhancing both accessibility and security of their cryptocurrency holdings. EllipX reportedly uses Shamir's Secret Sharing (SSS), a protocol that splits a secret into multiple parts and distributes them among different participants. This means that no single entity, including EllipX, has access to a user's complete private key. This decentralized approach aims to address the security concerns associated with centralized exchanges, such as Mt. Gox, which was hacked in 2014, resulting in the loss of millions of dollars worth of Bitcoin. Karpeles believes that EllipX is a significant step towards making cryptocurrency more accessible and secure for users. He said, "We believe that this is the future of cryptocurrency security, and we are excited to be at the forefront of this innovation."

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