Former FTX executives and Solana wallet Backpack to establish a new exchange in Dubai

According to the Wall Street Journal, FTX's former legal counsel, Can Sun, is set to launch a new cryptocurrency exchange called Backpack Exchange with the team behind the Web3 cryptocurrency wallet Backpack. The venture aims to raise funds by offering 10% equity stake, with the goal of reaching a valuation of $100 million through this fundraising round.

Who is Can Sun

Can Sun was the former legal counsel for FTX. He served as a key witness in the FTX trial, testifying against SBF and some executives under a non-prosecution agreement. Sun claimed he was unaware of the financial situation and fund embezzlement behind FTX and resigned the day after discovering the financial irregularities.

What is Backpack

Backpack is a Web3 encrypted wallet project developed by Carol, a developer platform for Solana. It provides dual-platform and web plug-ins, supporting the Ethereum and Solana blockchain networks.

Backpack is also a development platform for xNFTs. Backpack focuses on running executable xNFT executable NFTs, allowing users to use, send, and cross-chain xNFTs without the need for third-party plugins to access xNFT content directly.

Additional Information: xNFTs based on Solana are also created by the same team, allowing users to execute smart contracts of NFTs similar to computer programs. For example, NFTs can be used to run automated trading bots or simply used as reminders. The Backpack team provides a developer framework related to xNFTs, hoping that its technology and standards can serve as the infrastructure for future applications.

Backpack Exchange

Last month, Backpack announced the establishment of the new exchange, Backpack Exchange. However, at that time, there was no information disclosed regarding the involvement of FTX legal counsel Can Sun.

In addition to Sun, Backpack's founder Armani Ferrante was also a former engineer at Alameda Research. He mentioned that his career was also affected by the collapse of FTX. These connections seem to have brought this exchange closer to FTX.

The exchange will be based in Dubai and operated through Trek Labs, a local entity, and has already obtained a license from VARA, the Dubai Virtual Asset Regulatory Authority.

Currently, Backpack Exchange is not open to the public, and only users with an invitation code can register in advance.