Former FTX general counsel Can Sun, along with other ex-FTX executives, is embarking on a new venture to establish a cryptocurrency exchange called Trek Labs. With a license obtained from Dubai’s crypto regulator, Trek Labs is set to address the challenges that led to the downfall of their previous employer and build a more transparent and trustworthy platform for users. This article explores the key figures behind Trek Labs and their commitment to incorporating the lessons learned from FTX’s failure into their new exchange.
Trek Labs, a Dubai-based startup, is seeking investors to sell a 10% stake at a valuation exceeding $100 million. Led by Can Sun, a key witness in the trial against Sam Bankman-Fried (SBF), the former lawyer played a vital role in exposing the mismanagement of customer funds at FTX. Determined to address this and other challenges faced at FTX, Sun and his team are focused on building a new exchange that prioritizes trust and transparency.
Key Figures at Trek Labs
Aside from Sun, Trek Labs boasts other influential figures from the defunct FTX company. Armani Ferrante, the CEO of Trek’s holding company in the British Virgin Islands, witnessed the FTX disaster firsthand. With his expertise in designing and operating digital currency wallets, Ferrante oversees a partner firm named Backpack. Despite suffering losses when FTX collapsed, he remains a minority shareholder in Trek’s holding company. Claire Zhang, Sun’s ex-deputy and Ferrante’s wife, is also a part of Trek Labs, but plans to leave the company once an investment round is secured.
Sun and Ferrante are determined to incorporate the valuable lessons they learned from FTX’s downfall into Trek Labs’ operations. The new exchange, Backpack Exchange, will prioritize user security and transparency. The incorporation of Backpack’s technology will allow users to hold their funds in their own “self-custody” crypto wallets, utilizing multiparty computation techniques that require approval from multiple parties for any transaction. A unique feature of Backpack Exchange is the ability for users to verify their holdings at any given time, enhancing transparency and trust within the platform.
Despite their background at FTX, Sun and Ferrante are confident in their ability to regain trust and establish transparency in the post-FTX landscape. They firmly believe that trust and transparency are essential for creating a true alternative to other players in the market. With their experience and commitment to rectifying past mistakes, Trek Labs aims to offer users a secure and transparent platform that addresses the flaws of FTX.
Future Plans: Backpack Exchange Beta
Trek Labs is preparing to launch Backpack Exchange in beta later this month. This offering will provide users with a secure and transparent platform that embodies the lessons learned from FTX’s shortcomings. By utilizing the expertise and insights gained from their time at FTX, Sun, Ferrante, and the rest of the Trek Labs team hope to revolutionize the cryptocurrency exchange industry with Backpack Exchange.
The establishment of Trek Labs represents a fresh start for the former FTX executives who aim to rectify past mistakes and build a transparent and trustworthy platform. With valuable insights gained from their experience at FTX, they are determined to provide users with a secure and transparent cryptocurrency exchange. Trek Labs’ Backpack Exchange, set to launch in beta soon, holds the promise of revolutionizing the industry and offering users a true alternative in the post-FTX landscape.