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Former FTX General Counsel Leads Trek Labs in Launching Backpack Exchange

New Dubai-based crypto exchange Trek Labs aims for trust and transparency.

New Dubai-based crypto exchange aims for trust and transparency.
Credit: Chinnapong/Shutterstock 2021

DUBAI- Former FTX general counsel Can Sun, a key witness in the trial against Sam Bankman-Fried, is teaming up with ex-FTX executives to establish a groundbreaking cryptocurrency exchange in Dubai. The venture, named Trek Labs, recently secured a license from the Emirate’s crypto regulator, signaling a fresh start for those committed to overcoming challenges faced by their previous employer.


Challenges and Renewed Determination


Sun, pivotal in SBF's trial, highlighted his resignation from FTX due to the mismanagement of customer funds, emphasizing a commitment to accountability. Trek Labs, seeking investors, aims to sell a 10% stake at a valuation surpassing $100 million.


Trek Labs boasts leadership from former FTX executives, including Armani Ferrante, now CEO of Trek's holding company in the British Virgin Islands. Ferrante, who witnessed the FTX downfall, brings his experience from Alameda Research to Backpack, a partner firm specializing in digital currency wallets.


Sun and Ferrante expressed their commitment to integrating lessons learned from FTX's collapse into the core of Backpack Exchange, the platform under which Trek Labs will operate. The exchange plans to implement Backpack's technology, allowing users to maintain funds in their "self-custody" crypto wallets.


Trust and Transparency at the Forefront


The unique feature of Backpack Exchange lies in its use of multiparty computation techniques, requiring approval from multiple parties for any transaction. Users can verify their holdings at any time, fostering trust and transparency in the post-FTX landscape.


"In a post-FTX world, you need trust and transparency to create a true alternative to the other players," emphasized Sun.

Trek Labs aims to launch Backpack Exchange in beta later this month, offering users a secure and transparent platform. Sun and Ferrante, despite their FTX background, express confidence in gaining trust and establishing Backpack Exchange as a reliable alternative in the evolving crypto landscape.


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