Can Sun, a former executive and lawyer for FTX, and others who were a part of the failed cryptocurrency exchange are looking to strike out on their own, starting a new crypto exchange that they hope will avoid the pitfalls of their previous venture—namely a rapid collapse after the loss of billions of customer dollars, The Wall Street Journal reported. At FTX, around $9 billion in customer deposits went missing and its leader, Sam Bankman-Fried, is now a convicted fraudster who may spend the rest of his life in jail. The Dubai-based venture known as Trek Labs was spearheaded by FTX alums including Sun, who testified against Bankman-Fried during his trial. “In a post-FTX world, you need trust and transparency to create a true alternative to the other players,” Sun told the Journal.
