Former executives of #ftx and #Alameda will create a new #Criptomonedas exchange
Former FTX general counsel Can Sun, who was a key witness in the Sam Bankman-Fried trial, and former Alameda Research software developer Armani Ferrante are building a Dubai-based exchange called Backpack Exchange.
Two former colleagues of the recently convicted Sam Bankman-Fried are building a new cryptocurrency exchange just days after its former CEO was found guilty of seven counts of fraud.
Former FTX general counsel Can Sun and former Alameda Research software developer Armani Ferrante have teamed up to create Trek Labs, a Dubai-based company that recently obtained a license from the Virtual Asset Regulatory Authority, or VARA, which regulates digital assets in the emirate, the Wall Street Journal reported last week.
Backpack Exchange, the official name of the new exchange, will do business differently from FTX, with the first step being that its technology will allow users to self-custody their funds. That means that no one other than the user will be able to access their crypto wallets.
The exchange, which is looking to sell a 10% stake that would value it at more than $100 million, plans to launch in beta later this month, according to the report.
