Former FTX Employees Will Make New Crypto Exchange Named Trek Labs

FTX's bankruptcy has hurt the trust of crypto investors in various countries. (Photo; Doc. CoinPro)

JAKARTA - The FTX scandal, a crypto derivative exchange that collapsed due to alleged fraud and market manipulation by its founder Sam Bankman-Fried (SBF), still leaves wounds for many people involved. However, some former FTX employees did not give up and started a new venture in the crypto industry, hoping to make up for past mistakes.

One of the former FTX employees who dared to take a new step was Can Sun, a former FTX general adviser, who was a key witness in the trial against SBF. Sun testified that he resigned from FTX after learning of a violation of the law and ethics by SBF, which allegedly sold fake crypto tokens and embezzled customer funds.

Sun is now joining his former FTX co-worker, Armani Ferrante, to set up a new Dubai-based crypto exchange, called Trek Labs. Trek Labs recently obtained a license from the Emirati crypto authorities, and is looking for investors to develop its business.

Trek Labs is targeting a valuation of more than $100 million, and plans to sell its 10% stake to investors. Sun and Ferrante say they have learned from the bad experiences at FTX, and want to build a more secure and transparent crypto exchange.

Trek Labs akan menggunakan teknologi Backpack, yang dikembangkan oleh perusahaan mitra mereka yang juga dipimpin oleh Ferrante, yang bernama Backpack. Backpack adalah perusahaan yang bergerak di bidang dompet kripto "self-custody", yang memungkinkan pengguna untuk menyimpan dan mengelola dana mereka sendiri tanpa perlu mengandalkan pihak ketiga.

Backpacks use multi-party computing techniques (multiple parties), which require approval from some parties for each transaction. In this way, users can increase the security and privacy of their funds, as well as verify their ownership at any time.

The new crypto exchange, which will be launched by Trek Labs, which will be called the Backpack Exchange, will integrate Backpack technology into its platform. The Backpack Exchange will offer fast and inexpensive crypto trading services, low transaction fees and short completion times.

Sun and Ferrante hope that the Backpack Exchange can be an attractive alternative for crypto users, especially amid regulatory uncertainty and trust that hit the post-FTX crypto industry.

"We want to provide reliable and transparent solutions for crypto users, who need not worry about the risk of fraud or manipulation. We have learned from FTX, and we don't want to repeat the same mistake," Sun said.

Trek Labs plans to launch a beta version of the Backpack Exchange by the end of this month, and invites users to try its platform. Trek Labs also plans to expand its market and products in the future, by following the latest developments in the crypto industry.