FTX Veterans Unveil Backpack Exchange: A Redemption Quest in Crypto

    Former FTX executives, including Can Sun, Armani Ferrante, and Claire Zhang, are set to launch Backpack Exchange, a new crypto platform addressing the issues that led to FTX’s collapse. Learn how they plan to prioritize user safety and self-custody wallets.

    In the aftermath of FTX’s collapse, ex-executives Can Sun, Armani Ferrante, and Claire Zhang are making a comeback with Backpack Exchange. Seeking redemption, they aim to rectify the flaws that caused FTX’s downfall. Can Sun, founder of Trek Labs, secured an operational license in the UAE. Ferrante heads Trek’s holding company and operates Backpack, focusing on secure crypto wallets. Zhang, part of the executive team, is contributing without pay.

    Backpack Exchange, operating under Trek, plans to offer a 10% stake at a $100 million valuation. Sun, a key witness in SBF’s trial, emphasizes applying lessons learned to safeguard user funds. Backpack’s self-custody wallets, using multiparty computation, grant users full control. The beta launch is imminent, promising transparency with holdings verification.

    Despite FTX ties, Sun denies awareness of mishandled funds. He resigned when asked to justify funds at Alameda Research post-FTX meltdown. Sun’s cooperation led to SBF’s prosecution, marking a new chapter for the FTX veterans.

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