SEOUL, SOUTH KOREA – As Mt. Gox wrapped up its bankruptcy redemption payments, it ended a nearly decade-long legacy, and the book is closed on what might be the greatest hack in all of crypto. Mark Karpeles, the failed exchange's CEO, was once a hated man in the crypto community, and Japanese prosecutors wanted to send him away for a decade. But now, Karpeles belongs to an exclusive club of the 1% which have fought the law in Japan and won – something nearly unheard of in a country with a 99% conviction rate where the justice system prefers to coerce confessions rather than contest a case.

Now, with all this behind him, Karpeles is off on a new adventure: launching a new crypto exchange called EllipX, which takes the best modern practices of exchanges and lessons learned from Mt. Gox as well as continuing work on a crypto ratings agency called Ungox. "I can say very confidently that Mt. Gox hack wouldn't have happened if we had even some of the tools we have today," Karpeles said in an interview with CoinDesk at Korea Blockchain Week.

One thing that Karpeles wishes he had during the heyday of Mt. Gox was hierarchical deterministic, or HD, wallets. HD is a type of wallet that securely manages and generates multiple public and private key pairs from a single master seed.

Source: https://www.coindesk.com/business/2024/09/04/mt-gox-wouldnt-have-happened-with-modern-tools-mark-karpeles/

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