- Executives of the defunct FTX exchange team up to form a new crypto exchange.
- Can Sun and others claim to aim at solving the problems that led to FTX’s downfall.
- The new team recently received a license from the crypto regulators in the UAE.
Some former executives of the defunct FTX exchange have teamed up to form a new cryptocurrency exchange, according to a report by The Wall Street Journal. Can Sun, the former general counsel of FTX, and a few other former FTX executives claim that they aim to use the new crypto exchange to solve the problems that led to the downfall of their former employer.
Sun is the leader of Trek Labs, a Dubai-based startup that recently received a license from the crypto regulators in the United Arab Emirates (UAE). Following the license acquisition, Trek Labs reportedly aims to sell a 10% stake to investors valued at $100 million.
Armani Ferranti, another former FTX employee, is currently the chief executive of Trek’s holding company in the British Virgin Islands. Ferrante’s wife, who served as Sun’s legal deputy at FTX, is also part of the Trek Lab executive team.
According to Sun, in a post-FTX world, creating a gen…
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