Former FTX general counsel to launch new crypto exchange
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Former FTX general counsel Can Sun, who played a pivotal role as a key witness in the trial against Sam Bankman-Fried (SBF), is joining forces with other ex-FTX executives to establish a new cryptocurrency exchange, the Wall Street Journal reported. The Dubai-based start-up, known as Trek Labs, recently obtained a license from the Emirate’s crypto regulator, marking a new chapter for individuals determined to address the challenges that led to the downfall of their previous employer. Trek Labs is seeking investors, aiming to sell a 10% stake at a valuation exceeding $100 million. Sun was a key witness for the prosecution in SBF’s trial. He told the jury that he resigned after discovering the mismanagement of customer funds and refused to justify the former billionaire’s actions. Former FTX employees Besides Sun, Trek Labs also features other key figures from the defunct company in leadership roles, including Armani Ferrante. Ferrante serves as the CEO of Trek’s holding company in the British Virgin Islands and oversees a partner firm called Backpack, which specializes in designing and operating digital currency wallets. Ferrante, who witnessed the FTX disaster firsthand, had worked at Alameda Research and later at FTX on a crypto token project. Despite facing losses when FTX collapsed, Ferrante is now a minority shareholder in Trek’s holding company. The new venture has attracted other former FTX employees, including Claire Zhang, Sun’s ex-deputy and Ferrante’s wife. Zhang disclosed her marriage to Ferrante in a May submission to Dubai’s regulator. According to the filing, she plans to leave the company once Trek secures an investment round. Meanwhile, Sun disclosed his previous role at FTX in regulatory filings and investor materials, ensuring transparency with Dubai’s regulator about his testimony in the investigation against SBF. Sun and Ferrante told the media that they intend to incorporate the lessons…
Filed under: News - @ November 12, 2023 6:54 pm