A new exchange, Backpack, is set to launch later this month and is hoping to receive investments from potential buyers at a $100 million valuation. The exchange, which is based in Dubai and received a license from the Virtual Assets Regulatory Authority, is run by Can Sun, the former general counsel of FTX. Sun testified against the former FTX CEO Sam Bankman-Fried and subsequently denied knowing about the fraudulent schemes performed by the FTX executives. Alongside Sun, the executive board of Trek Labs, the Dubai-based entity that will operate as Backpack Exchange, includes his former legal deputy and wife Claire Zhang and other former FTX legal and compliance employees. The Exchange is led and founded by Armani Ferrante, an ex-Alameda Research engineer, who lost almost his entire investment when FTX collapsed in 2022. This new endeavour is seen to be an effort to recover Ferrante's losses and shift the focus to the new exchange in the process.



Other News from Today