While FTX seems well on its way to being relaunched under the aegis of new contributors, its former executives are also working on new projects. Can Sun, FTX’s ex-general counsel, has teamed up with other ex-employees to launch an exchange platform… With the promise that customer funds will be secure this time.
New trading platform with FTX alumni
Trek Labs is based in Dubai, where it has just obtained a license to offer crypto-asset services. It is headed by Can Sun, the former general counsel of FTX. The latter distinguished himself at the Sam Bankman-Fried trial, revealing that the ex-CEO had asked him to find “legal justifications” for the missing billions. Can Sun has always maintained that he left the company when he learned that FTX’s deficit came from customer funds.
But the “FTX” name is, of course, tainted. That’s why this new platform – called Backpack – focuses on the security of customer funds. In addition to Can Sun, other FTX alumni have joined the ranks, including Armani Ferrante, who is also CEO of the Trek Labs investment company. Ferrante’s wife, Claire Zhang, has also joined Backpack. She was a member of FTX’s legal team when Can Sun was its head.
NFTs, Wallets and “Mad Lads “
In addition to this exchange platform, the Backpack team has already launched a wallet, an NFT protocol… As well as a collection, the “MadLads”. These non-fungible tokens, with the sweet slogan of “Fock it.”, seem to have already gathered a small community.
Armani Ferrante spoke to The Scoop about the clear separation between the exchange platform’s executive power and customer funds, to avoid a repeat of the FTX scenario:
Armani Ferrante joined The Scoop at Solana Breakpoint to unpack the launch of Backpack’s new exchange and its unique approach to market structure pic.twitter.com/ABvXLGDKG2
– Frank Chaparro (@fintechfrank) November 8, 2023
Will this be enough to reassure future users? Possibly, at a time when the FTX platform is also on the way to relaunching itself. This shows once again that in the cryptocurrency sector, everything is moving, and everything is changing.