Following the recent news that the Solana-based NFT wallet app Backpack will launch a cryptocurrency exchange based in Dubai, the company has added former FTX general counsel Can Sun to lead the exchange. And now Backpack’s associated NFT project, Solana’s Mad Lads, has soared to an all-time high price.

Sun will lead Trek Labs, according to The Wall Street Journal, the Dubai-based startup tied to Backpack and its maker Coral. The news comes just weeks after Sun testified against ex-boss Sam Bankman-Fried in the U.S. government’s fraud trial against the FTX co-founder and former CEO. Sun cooperated with prosecutors and signed a non-prosecution agreement.

According to the report, Trek Labs aims to sell a 10% stake of the company to investors at a valuation above $100 million.

Coral co-founder and CEO Armani Ferrante is listed as a minori

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Author: Andrew Hayward

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