A few weeks ago, the widely covered fraud case of Bankman-Fried came to its conclusion. As a direct result of the proceedings, the crypto exchange”s co-founder and former CEO was found guilty. His sentence a hefty one, north of 110-years in prison. Yet, amidst all the upheaval arisen from the FTX debacle, one piece of positive news has shone like a beacon. Led by the bankrupt company’s general counsel, Can Sun, a collective of former FTX executives is set to embark on a new venture, namely the launching of a Dubai-based crypto exchange.
Launching under the title Trek Labs, the start-up already has further capitalised gains in its sights. Indeed, a 10% stake in the venture has been offered at an eye-watering valuation of more than $100 million. Both Sun and co-CEO Armani Ferrante have committed to harness the solutions wrongly applied to FTX. To that end, a regulatory license has been granted from Emblem’s Crypto Regulators.
Now, it remains to be seen what can discussed from FTX gathered by Sun and Francante – once colleagues, now competitors – take injected knowledge solutions from the failed project into Trek Labs. How substantive the can of worms will be, time, and the launch of the exchange, will tell.
