WSJ: Ex-FTX executives to launch Bitcoin exchange Backpack

The former FTX chief legal officer Kan San will head the new Bitcoin exchange Backpack, according to The Wall Street Journal. Previously the expert testified against the founder of the collapsed platform Sam Bankman-Fried (SBF).

At the time, San told the court that he did not know about SBF’s fraud schemes and resigned the next day after the scale of the problems became apparent.

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.

Earlier, the company received a license VARA on behalf of Trek Labs.

Ferrante’s wife, Claire Zhang, was San’s deputy at FTX. She is now on the organization’s board, according to journalists.

The team aims for a valuation of $100 million following the sale of 10% of the platform’s shares, according to the WSJ.

The beta version of the platform намечен for the end of November, with public release in the first quarter of 2024.

In April, it was reported that Armani Ferrante’s Coral startup lost most of$20 million raised in a funding round jointly with FTX.