A Fresh Start in Dubai’s Crypto Scene
Former executives from FTX are taking a bold leap into the world of cryptocurrency, establishing a new exchange designed specifically to prioritize customer fund security. Led by ex-FTX attorney Can Sun, the venture, named Backpack Exchange, operates under Trek Labs, which recently secured the necessary licensing for cryptocurrency services in Dubai.
Meet the Team Behind Backpack Exchange
The brainchild of this initiative is none other than Can Sun, who, equipped with lessons from FTX’s misadventures, aims to steer this ship safely towards calmer waters. Joining him is the enterprising Armani Ferrante, who not only leads Trek’s holding operations in the British Virgin Islands but also spearheads Backpack’s innovative wallet services. And in a delightful twist of fate, Claire Zhang, Sun’s former legal deputy at FTX and Ferrante’s better half, rounds out the executive trifecta. However, it’s worth noting that Zhang plans to exit once the company secures additional funding, making her contributions all the more commendable as she’s been pushing the boulder uphill—unpaid, no less!
Learning from Past Mistakes
As the saying goes, “Those who do not learn history are doomed to repeat it,” and this trio seems to have taken that to heart. After witnessing the blunders that led FTX astray, Sun and Ferrante have made it their mission to implement a foundation that champions secure customer funds. Their technology features self-custody solutions that utilize a multiparty computation (MPC) technique. This means that multiple parties must approve transactions—because, let’s be honest, too many cooks can ruin the broth, but when it comes to financial security, the more the merrier!
Safety First: A Warning to Users
With rising tensions in the crypto world, specific warnings to users are in order. Take heed: Backpack will NEVER request your private keys. You are advised to stick to the verified URLs provided in their bio, because outside of that, it’s a jungle out there, and scams are lurking behind the digital bushes. The team acknowledges the need for heightened security measures, especially in today’s landscape.
A Transparent Path Forward
Sun emphasizes that in a post-FTX world, transparency is paramount. “In a post-FTX world, you need trust and transparency to create a true alternative to the other players,” said Sun, illustrating the guiding principle behind Backpack Exchange. As the exchange edges closer to beta testing and a full launch slated for later this month, the team is focused on rebuilding what was once lost: trust in the crypto ecosystem.
In conclusion, while the shadow of FTX lingers, Backpack Exchange aspires to be a beacon of hope—a trustworthy alternative in the world of digital currencies.
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