- Former FTX attorney general, Can Sun, reinvents himself as the leader of Backpack Exchange, a new crypto exchange platform.
- Backpack Exchange presents itself as a more secure and transparent alternative to FTX.
- Based in Dubai, Backpack Exchange will be launched in the coming months.
Former Attorney General Heading New Exchange
After testifying against FTX’s former CEO, Sam Bankman-Fried, in his fraud trial, Can Sun, the former attorney general of the company, decides to start fresh by launching his own platform: Backpack Exchange.
The new branch of the Backpack company, currently known for its digital wallets, will be a cryptocurrency exchange platform, with a mission to “avoid the mistakes of the past” and enhance the security of customer funds.
“In a post-FTX world, you need trust and transparency to create a true alternative to the other players.“
In reality, Can Sun is not going solo as the former attorney is accompanied by former FTX employees, such as Armani Ferrante, CEO, and founder of the Backpack company.
“MPC” Technology Used by Backpack Exchange
Based in Dubai, Backpack Exchange utilizes the technique of “multiparty computation” (MPC) to ensure fund security. In practice, this technology requires approval from multiple parties, rather than just one, before conducting fund transfers, thus providing increased transparency and security.
Note that the platform is currently in beta version. Its launch is planned for later this month, according to the company.
With this initiative, Sun and his team, comprised of other former FTX employees, strive to restore trust in the cryptocurrency ecosystem while offering a credible alternative to existing market players.