Former FTX general counsel, Can Sun, along with other ex-FTX executives, is launching a new cryptocurrency exchange called Trek Labs. The Dubai-based start-up has obtained a license from the Emirate’s crypto regulator and aims to address the challenges that led to the downfall of their previous employer. Trek Labs is seeking investors and plans to sell a 10% stake at a valuation exceeding $100 million. The new exchange, called Backpack Exchange, will utilize Backpack’s technology, allowing users to hold funds in their own “self-custody” crypto wallets. The platform aims to provide trust and transparency in the post-FTX landscape. Trek Labs plans to launch Backpack Exchange in beta later this month.

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Information	Details
Geography	Middle East
Countries
Sentiment	neutral
Relevance Score	1
People	Claire Zhang, Sam Bankman-Fried, Can Sun, Armani Ferrante
Companies	Wall Street Journal, Alameda Research, Backpack Exchange, Trek Labs, FTX
Currencies	None
Securities	None