1 year ago
Former FTX wide counsel Can Sun, who played a pivotal relation arsenic a cardinal witnesser successful the proceedings against Sam Bankman-Fried (SBF), is joining forces with different ex-FTX executives to found a caller cryptocurrency exchange, the Wall Street Journal reported.
The Dubai-based start-up, known arsenic Trek Labs, precocious obtained a licence from the Emirate’s crypto regulator, marking a caller section for individuals determined to code the challenges that led to the downfall of their erstwhile employer.
Trek Labs is seeking investors, aiming to merchantability a 10% involvement astatine a valuation exceeding $100 million.
Sun was a key witness for the prosecution successful SBF’s trial. He told the assemblage that helium resigned aft discovering the mismanagement of lawsuit funds and refused to warrant the erstwhile billionaire’s actions.
Former FTX employees
Besides Sun, Trek Labs besides features different cardinal figures from the defunct institution successful enactment roles, including Armani Ferrante.
Ferrante serves arsenic the CEO of Trek’s holding institution successful the British Virgin Islands and oversees a spouse steadfast called Backpack, which specializes successful designing and operating integer currency wallets.
Ferrante, who witnessed the FTX catastrophe firsthand, had worked astatine Alameda Research and aboriginal astatine FTX connected a crypto token project. Despite facing losses erstwhile FTX collapsed, Ferrante is present a number shareholder successful Trek’s holding company.
The caller task has attracted different erstwhile FTX employees, including Claire Zhang, Sun’s ex-deputy and Ferrante’s wife. Zhang disclosed her matrimony to Ferrante successful a May submission to Dubai’s regulator.
According to the filing, she plans to permission the institution erstwhile Trek secures an concern round. Meanwhile, Sun disclosed his erstwhile relation astatine FTX successful regulatory filings and capitalist materials, ensuring transparency with Dubai’s regulator astir his grounds successful the probe against SBF.
Sun and Ferrante told the media that they mean to incorporated the lessons learned from FTX’s nonaccomplishment into the halfway of Backpack Exchange, the sanction nether which Trek Labs volition operate.
Backpack Exchange
The caller speech plans to instrumentality Backpack’s technology, allowing users to clasp funds successful their ain “self-custody” crypto wallets.
Utilizing multiparty computation techniques, these wallets necessitate support from aggregate parties for immoderate transaction. The unsocial diagnostic of Backpack Exchange is that users tin verify their holdings astatine immoderate fixed time.
Despite their inheritance astatine FTX, Sun and Ferrante are assured successful gaining spot and transparency successful the post-FTX landscape.
According to Sun:
“In a post-FTX world, you request spot and transparency to make a existent alternate to the different players.”
Trek Labs aims to motorboat Backpack Exchange successful beta aboriginal this month, offering users a unafraid and transparent level built connected the lessons learned from FTX’s shortcomings.
The station Former FTX wide counsel to motorboat caller crypto exchange appeared archetypal connected CryptoSlate.
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