A team of former FTX executives has come together to establish a new cryptocurrency trading platform based in Dubai called Trek Labs. Led by Can Sun, the former general counsel of FTX, the startup has received a license from Dubai's crypto regulator. Armani Ferrante, another ex-FTX employee, serves as the chief executive of Trek's holding company and also operates a partner firm called Backpack. Sun and Ferrante aim to address the issues that led to the downfall of FTX by prioritizing user fund protection and transparency. Trek Labs will utilize Backpack's technology to enable users to hold their funds in self-custody crypto wallets, ensuring enhanced security. The team has also hired more former FTX employees to strengthen their team. However, due to their association with FTX, it remains uncertain how investors and users will respond to Trek Labs. Sun and Ferrante acknowledge the importance of trust and transparency to create a genuine alternative in the post-FTX era.
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