$17 million raised successfully by the former FTX employees to establish a new crypto trading platform.
FTX was a popular second-ranked crypto trade platform, which was mainly known for high-profile promotional stunts among big celebrities. In Nov 2022, FTX went bankrupt following a report by the popular crypto news media Coindesk over the actual financial position of the company. Alameda Research, a sister firm of FTX, was also one of the popular crypto hedge firms but also went bankrupt with FTX.
As per the latest report by Bloomberg, some former FTX & Alameda Research employees teamed up and raised $17 million to establish a new crypto exchange BackPack.
The leaders of this new startup raised funds at a valuation of $120 million. With this new crypto trade platform, they aimed to fill the gap left by the former FTX CEO Sam Bankman-Fried (SBF).
Can Sun, the co-founder of this new crypto startup & former general counsel at FTX, succeed in attracting crypto investors to use the BackPack platform.
The majority of the former FTX employees are eager to provide a better level of service to the crypto traders via BackPack and Sun will help this new crypto trade platform fight against legal challenges, as he already gained huge experience during his tenure at the FTX exchange.
It is worth it to note that this latest decision came just a few months later, when the FTX’s current leadership announced their plan to liquidate the FTX’s infrastructure, as they failed to convince the investors to invest in FTX exchange to resume the services.
FTT token misleads crypto investors
FTT is the native token of the FTX crypto exchange and the current trade price of this token is $1.73.
Already the FTX bankruptcy leadership confirmed that they have no plans to include or use FTT tokens for any kind of crypto-related service but strangely many people are trading this token badly.
The current market cap of this token is $571 million, which is itself a very big figure for any useless crypto token.
Read also: Crypto hater Senator Warren says the Crypto sector needs to follow all traditional financial rules
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