Former FTX executives, including a witness against Sam Bankman-Fried, have launched a new crypto platform called Backpack that pledges transparency.

According to the Wall Street Journal report, Can Sun, the former general counsel for FTX and a key witness in the trial of founder Bankman-Fried, is behind the new venture.

A beta version of Backpack is expected to launch soon.

The project will be operated by Dubai-based startup Trek Labs. It also plans to introduce a more secure and transparent trading model, leveraging lessons learned from the collapse of FTX. The platform is centered around “self-custody” wallets using multiparty computation for enhanced security.

Sun, the brainchild behind the initiative, alongside another ex-FTX employee Armani Ferrante, is driven by the vision of restoring trust i

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Author: Julius Mutunkei

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