Specialists of the world’s largest cryptocurrency exchange that collapsed will launch a new platform

A group of former top executives of the bankrupt FTX crypto exchange, including the main witness against the company’s ex-CEO Сем Бенкман-Фрід" href="https://noworries.news/biography/sem-benkman-frid/" data-bio-id="3697">Sam Bankman-Fried, have created a new cryptocurrency platform. According to the founders, the new exchange will work taking into account the mistakes of its previous employer. Journalists of The Wall Street Journal told more about this.

According to the WSJ, last month, Dubai-based startup Trek Labs, headed by former FTX general counsel Kang San San, received a license to operate from the UAE crypto regulator. Another former FTX employee, Armani Ferrante, is the executive director of a holding company owned by Trek. Ferrante’s wife, who was Sana’s deputy in FTX for legal affairs, is also a member of the management team of Trek, which will operate in the cryptocurrency market under the Backpack Exchange brand.

Former FTX general counsel Kang Sun

Sun and Ferrante said that Backpack Exchange will use Backpack technology, which will allow users to store funds in their own crypto wallets. The crypto exchange itself will not be able to access these wallets without the client’s permission, and any transaction will require the approval of several parties. According to them, Backpack Exchange customers, whose beta version is scheduled to launch later this month, will be able to check their assets at any time.

Sun said that Trek has hired other former FTX legal and compliance employees because of their skills and experience.

Earlier this year, it was reported that FTX was considering three options for resuming operations: selling the platform, reorganizing with a partner, or going it alone. According to Kevin Kofsky, a partner at Perella Weinberg Partners, representatives are negotiating with all stakeholders on a daily basis. An initial offer may be made as early as December 16 this year.