Former FTX Executives Launch New Crypto Platform 'Backpack'

Former FTX Executives Launch New Crypto Platform 'Backpack'



Former executives of FTX, including a key witness in the trial against Sam Bankman-Fried, have established a new cryptocurrency platform named Backpack, committed to transparency.



Reported by the Wall Street Journal, Can Sun, FTX's ex-general counsel and a pivotal witness in Bankman-Fried's trial, is spearheading this new endeavor.



Backpack's beta version is set to launch imminently. Trek Labs, a Dubai-based startup, will manage the project. It aims to present a more secure and transparent trading approach, drawing on insights from FTX's downfall. The focus of the platform is on "self-custody" wallets, employing multiparty computation for improved security.



Sun, the mastermind of this initiative, along with another former FTX colleague, Armani Ferrante, is motivated by the goal of re-establishing trust in the cryptocurrency


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#Backpack, #Blockchain, #CryptoPlatform, #Cryptocurrency, #Cryptomarket, #Cryptonewstoday, #FTX, #News

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