{"id":86941,"date":"2023-11-13T11:53:00","date_gmt":"2023-11-13T09:53:00","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=86941"},"modified":"2025-09-13T08:40:38","modified_gmt":"2025-09-13T05:40:38","slug":"wsj-ex-ftx-executives-to-launch-bitcoin-exchange-backpack","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/wsj-ex-ftx-executives-to-launch-bitcoin-exchange-backpack\/","title":{"rendered":"WSJ: Ex-FTX executives to launch Bitcoin exchange Backpack"},"content":{"rendered":"<p>The former FTX chief legal officer Kan San will head the new Bitcoin exchange Backpack, according to<a href=\"https:\/\/www.wsj.com\/finance\/currencies\/key-witness-at-sam-bankman-fried-trial-to-launch-new-crypto-exchange-80d1edce\"> The Wall Street Journal<\/a>. Previously the expert testified against the founder<a href=\"https:\/\/forklog.com\/en\/news\/ftx-collapse-pushes-coral-startup-into-survival-mode\"> of the collapsed platform<\/a> Sam Bankman-Fried (SBF).<\/p>\n<p>At the time, San told the court that he did not know about SBF&#8217;s fraud schemes and resigned the next day after the scale of the problems became apparent.<\/p>\n<p>The expert joined forces with former colleagues in legal affairs and compliance, as well as Alameda Research engineer Armani Ferrante. The latter became the founder of Backpack.<\/p>\n<p>Earlier, the company received a license <span data-descr=\"Dubai's Virtual Asset Regulatory Authority\" class=\"old_tooltip\">VARA<\/span> on behalf of Trek Labs. <\/p>\n<p>Ferrante&#8217;s wife, Claire Zhang, was San&#8217;s deputy at FTX. She is now on the organization&#8217;s board, according to journalists.<\/p>\n<p>The team aims for a valuation of $100 million following the sale of 10% of the platform&#8217;s shares, according to the WSJ.<\/p>\n<p>The beta version of the platform<a href=\"https:\/\/www.theblock.co\/post\/260114\/backpack-launching-cryptocurrency-exchange-with-dubai-license\"> \u043d\u0430\u043c\u0435\u0447\u0435\u043d<\/a> for the end of November, with public release in the first quarter of 2024.<\/p>\n<p>In April, it was reported that Armani Ferrante&#8217;s Coral startup lost most of<a href=\"https:\/\/forklog.com\/en\/news\/ftx-collapse-pushes-coral-startup-into-survival-mode\">$20 million<\/a> raised in a funding round jointly with FTX.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The former FTX chief legal officer Kan San will head Backpack, according to The Wall Street Journal. Previously the expert testified against the founder of the collapsed platform Sam Bankman-Fried (SBF).<\/p>\n","protected":false},"author":1,"featured_media":26216,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1166,272,1236,1403],"class_list":["post-86941","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-centralized-exchanges-cex","tag-dubai","tag-ftx","tag-sam-bankman-fried"],"aioseo_notices":[],"amp_enabled":true,"views":"20","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/86941","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=86941"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/86941\/revisions"}],"predecessor-version":[{"id":86942,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/86941\/revisions\/86942"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/26216"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=86941"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=86941"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=86941"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}