The fall of FTX created a “huge vacuum” in the cryptocurrency market, says Can Sun, cofounder of Backpack, a new crypto exchange under development in the United Arab Emirates. Sun knows that better than most: He was previously the general counsel at FTX, whose high-profile collapse has led to industry-wide turmoil this year. Backpack is one of the parties racing to fill the hole FTX left behind. It’s a “winner-takes-all” opportunity, Sun says.
Sun has partnered with Armani Ferrante, previously a software engineer at Alameda Research, the sibling company through which FTX founder Sam Bankman-Fried ran billions of dollars that weren’t his before spending them. Their front-row perspective of the
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