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In a surprising turn of events, former FTX executives Can Sun and Armani Ferrante have launched a new cryptocurrency exchange called Backpack. However, their involvement in FTX’s fraud scandal raises concerns about conflicts of interest. Sun, who testified against his former boss Sam Bankman-Fried, now leads Backpack, which aims to restore trust in the crypto market. The exchange’s model is based on transparency and security, with a focus on “self-custody” wallets. Despite their past ties to FTX’s problematic regime, Sun and Ferrante are seeking to lead the crypto market and have secured a license to operate in Dubai. While they claim to apply lessons learned from FTX’s failures, the question remains whether investors should trust a platform led by individuals connected to a major fraud case.