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Former FTX Execs Unveil Backpack: A Transparent and Secure Crypto Platform

Former FTX Execs, Led by Can Sun, Introduce Backpack: A Crypto Platform Focused on Transparency and User Empowerment.

by Isaac lane
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In a move toward transparency and user empowerment, former FTX executives, including Can Sun, the ex-general counsel for FTX, have launched a new crypto platform named Backpack. Sun, who played a key role as a witness in the trial of Sam Bankman-Fried, spearheads this initiative, aiming to address lessons learned from the collapse of FTX.

Operated by Trek Labs: Emphasizing Security and Transparency

Backpack, set to launch a beta version soon, is operated by Dubai-based startup Trek Labs. The platform is designed to offer a more secure and transparent trading model, with an emphasis on user empowerment. The core concept revolves around a “self-custody” approach, employing multiparty computation for enhanced security in user wallets.

Distinguishing itself in the crypto space, Backpack Exchange introduces a unique trading system requiring approval from multiple parties for transactions. This feature provides users with heightened control and visibility over their assets, a response to concerns stemming from the FTX incident.

Mitigating Risks: Self-Custody Wallets and Dubai Cooperation

Backpack Exchange has garnered support from former FTX employees, including Claire Zhang, Sun’s former deputy, showcasing a unified effort to redefine industry standards. Sun’s collaboration with Dubai authorities and his testimony against Bankman-Fried on Oct. 19 adds credibility to the project. The exchange targets a valuation surpassing $100 million for a 10% stake, underlining the confidence in its potential success.

Armani Ferrante, the holding company for Backpack Exchange, brings valuable experience from his time at FTX and involvement with digital currency wallets. Despite facing funding challenges after FTX’s fall, Ferrante’s resilience and commitment to the project remain strong, emphasizing the determination to overcome past setbacks.

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