"Former FTX Execs Rebound with New Crypto Exchange 'Backpack' after FTX Collapse"
Former FTX executives have joined forces to build a new cryptocurrency exchange in Dubai called Backpack Exchange, with a focus on securing customer funds. Led by ex-FTX lawyer Can Sun, the startup received a license to offer cryptocurrency services in the region. Backpack Exchange integrates a self-custody solution using multiparty computation (MPC) to ensure fund security. The exchange is currently in beta and plans for a wider launch later this month. The move comes after FTX CEO Sam Bankman-Fried's recent fraud trial, where Sun revealed that FTX's funds were at Alameda Research.