A year since the dramatic downfall of the once-prominent cryptocurrency exchange FTX, former executives Can Sun and Armani Ferrante have embarked on a fresh venture. The duo is launching a new cryptocurrency exchange in Dubai, focusing on enhanced security for customer funds.

Trek Labs by Former FTX Execs

Can Sun, previously FTX’s general counsel and pivotal witness in Sam Bankman-Fried’s trial, spearheads Trek Labs, as reported by The Wall Street Journal. Joining him is Armani Ferrante, ex-FTX staff and founder of Coral, a company that struggled post-FTX investment. Ferrante now leads the CEO role for Trek’s parent company in the British Virgin Islands.

Claire Zhang, Sun’s former deputy at FTX and Ferrante’s spouse, plays a key role in Trek’s executive lineup. However, per WSJ sources, Zhang plans to exit post-investment round, having contributed unpaid to the exchange’s early development.

Trek Labs said it is committed to revolutionizing trading with a secure, transparent model, learning from FTX’s collapse. Its focus is on “self-custody” wallets utilizing multiparty computation, which enhances.

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Other Crypto Efforts

In a parallel development, blockchain firm Backpack, under Ferrante’s leadership, launched Backpack Exchange. This venture emerged post-approval from Dubai’s Virtual Asset Regulatory Authority (VARA).

Backpack Exchange innovates in crypto trading by requiring multi-party transaction approvals, empowering users with greater control and transparency over their assets. It incorporates self-custody solutions and multiparty computation (MPC) to safeguard funds.

Trek Labs is overseeing the rollout of Backpack’s beta version.

Sam Bankman-Fried’s Conviction

In related news, ex-FTX CEO Sam Bankman-Fried recently faced conviction on seven counts of fraud, a case U.S. Attorney Damian Williams labeled a major financial crime. Following a five-week trial, the jury found Bankman-Fried guilty, with sentencing scheduled for March 28, 2024. While he faces up to 115 years in prison theoretically, experts predict a lesser sentence.

This article is published on BitPinas: A Year After the Crash, Ex-FTX Execs Launches New Exchange

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