- Can Sun, FTX’s former general counsel, is sharing his experience and leading efforts to build a new exchange after resigning when learning of FTX’s massive balance sheet hole.
- After leaving FTX, Sun and other former employees launched Backpack Exchange, a new cryptocurrency exchange seeking $100 million valuation and licensed in Dubai.
- Backpack Exchange involves other former FTX staff like Armani Ferrante and aims to restore trust after FTX’s collapse dealt a major blow to the crypto industry.
The stunning collapse of cryptocurrency exchange FTX sent shockwaves through the crypto industry. As more details emerge about FTX’s fraudulent activities, insiders are coming forward to share their experiences. Can Sun, FTX’s former general counsel is one such insider who is now leading efforts to build a new exchange.
Can Sun’s Involvement with FTX
Sun served as FTX’s general counsel until resigning when he learned of the massive hole in FTX’s balance sheet. He went on to testify against FTX founder Sam Bankman-Fried under a no-prosecution agreement. Sun denied any knowledge of FTX’s fraudulent schemes.
Launching a New Exchange
After leaving FTX, Sun teamed up with fellow former FTX employees to launch a new cryptocurrency exchange called Backpack Exchange. The exchange is owned by Trek Labs, a Dubai-based legal entity that received a license from Dubai’s digital asset regulator. Backpack Exchange is currently in beta and seeking a $100 million valuation.
Other Former FTX Employees Involved
In addition to Sun, Backpack Exchange involves Armani Ferrante, founder of digital wallet company Backpack, and other former FTX staff. Ferrante previously lost funding from FTX Ventures due to FTX’s collapse. Sun disclosed his FTX history to investors and regulators.
Looking Ahead
The collapse of FTX dealt a major blow to many in the crypto industry. However, some insiders like Sun are picking up the pieces and moving forward with new ventures. It remains to be seen whether Backpack Exchange and other new players can restore trust after FTX’s fraud.
Conclusion
The FTX saga provides a cautionary tale about the risks of centralized crypto exchanges. While the full fallout is still unfolding, former FTX insiders are sharing their experiences and working to build a better future for the industry. More transparency and accountability will be needed to regain public trust.
