EX-FTX Executives Launch a New Exchange in Dubai
New Dubai-based Backpack Exchange, led by ex-FTX execs, vows to learn from FTX mistakes and prioritize customer funds safety
Ex-FTX executives to launch a new crypto exchange in Dubai, The new Exchange is named Backpack Exchange which will be focusing on securing customer funds better than FTX did, they intend to learn from FTX mistakes.
Trek Labs, led by former FTX lawyer Can Sun, has been licensed to operate this new exchange, Backpack Exchange in Dubai.
Backpack Exchange features a wallet with advanced security, involving multiple approvals for transactions, reflecting lessons learned from FTX's collapse.
The exchange promises increased transparency, with options for customers to check their funds easily.
In beta testing now, Backpack Exchange plans a full launch soon.
Sun, a former FTX counsel, said he resigned after he learned how Sam Bank-Man Fried was misusing customers funds and testified against the FTX's CEO in court
“This went against everything that I stood for and was represented to me by Sam.” he said
