Trek Labs: A New Adventure in the Crypto World
Ex-FTX and Alameda Executives Launch New Crypto Exchange WSJ
Former FTX and Alameda executives are teaming up to launch a new cryptocurrency exchange as reported by the WSJ.
Picture this: Two former colleagues of the recently convicted Sam Bankman-Fried, who may or may not be plotting their own epic heist, are embarking on a thrilling venture in the crypto realm. Just days after their CEO’s grand fall from grace, Can Sun, FTX’s former general counsel, and Armani Ferrante, the former Alameda Research software developer, have joined forces to create Trek Labs – a Dubai-based company brimming with ambition and mischief.
But hold your horses, what’s the deal with this Trek Labs? Well, let me explain. Trek Labs, led by the ever-bold Sun and helmed by Ferrante as the CEO of its holding company in the British Virgin Islands, has recently obtained a license from the Virtual Assets Regulatory Authority (VARA), the esteemed guardian of all things digital assets in the dazzling emirate of Dubai. Talk about impressive credentials!
Now, let’s take a detour and explore Ferrante’s parallel universe. Not content with just one thrilling tech endeavor, he’s also the mastermind behind Backpack, a digital wallet company. And guess what? This audacious entity is seamlessly integrated into the very fabric of Trek Labs. Backpack will lend its name and business prowess to Trek Labs as they set out on this exhilarating journey.
Speaking of Backpack, they recently bagged a stunning $20 million in a funding round. Bain Capital and Polychain shouted “Take my money!” and gladly hopped on board with boundless enthusiasm. Funny enough, FTX’s venture arm decided to dive headfirst into the cash pool and contribute half of the investment. But alas, life is ironic. Ferrante reveals that he held the majority of these funds on the enigmatic FTX exchange, only to witness their dramatic demise. Talk about a plot twist!
Now, let’s turn our attention to Sun. In a courtroom saga that could rival any blockbuster legal thriller, Sun emerged as one of the key witnesses in his former boss’ criminal trial. With conviction, he claimed he “never approved” FTX lending customer funds to Alameda Research. Sun’s loyalty was unyielding – his tenure as general counsel for the fallen crypto empire began in August 2021 and was cut short when everything crumbled in November 2022.
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Fasten your seatbelts, fellow adventurers, because here’s where the real magic happens. Backpack Exchange, the official name of the new exchange poised to take the crypto world by storm, boasts a revolutionary approach. Unlike its predecessors, Backpack Exchange empowers users to self-custody their funds – a true testament to the spirit of individualism. Your crypto empire, your rules!
If you’re still here with me (and why wouldn’t you be?), brace yourself for the grand finale. Trek Labs is now on a quest to sell a 10% stake, a treasure worth over $100 million. With such lofty ambitions, they’re unquestionably preparing for an epic launch in beta later this month. The anticipation is palpable, my friends!
To add a captivating twist to the tale, Sun has enlisted the services of his former legal deputy, Claire Zhang. It’s worth noting that Zhang also happens to be Ferrante’s adventurous partner-in-crime – both personally and professionally. Yet, like all good tales, this partnership too shall reach its climactic conclusion after the investment round is sealed tight.
Join us on this thrilling adventure, where we unlock the secrets of Trek Labs, one crypto coin at a time. Together, we’ll leave no wallet unturned, no virtual stone unexplored. Fasten your seatbelts, fellow crypto enthusiasts, the journey awaits!