Former FTX Employees Will Launch Crypto Exchange Backpack

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According to The Wall Street Journal, Can Sun, the former general counsel of FTX, has been chosen to lead the new crypto exchange Backpack.

Sun had previously testified against the founder of the now-defunct platform, Sam Bankman-Fried (SBF).

He claimed to be unaware of SBF’s fraudulent actions and resigned the day after realizing the extent of the issues.

Sun has joined forces with his former legal and compliance colleagues, as well as Alameda Research engineer Armani Ferrante.

Ferrante is now the founder of Backpack, which previously obtained a VARA license through Trek Labs. Claire Zhang, Sun’s former deputy at FTX, is now one of the directors at Backpack, as reported by journalists.

The team hopes to achieve a valuation of $100 million by selling a 10% stake in the platform, according to The Wall Street Journal.

The beta version of the site is expected to launch in late November, with a general release planned for the first quarter of 2024.