Former FTX general counsel Can Sun and former Alameda Research software developer Armani Ferrante have founded Trek Labs, a Dubai-based crypto exchange that recently obtained a license from the Virtual Assets Regulatory Authority. The exchange, which will operate under the name Backpack Exchange, will allow users to self-custody their funds and plans to launch in beta later this month. Ferrante is also the founder of digital wallet company Backpack, which closed a $20 million funding round in September 2021, with FTX's venture arm contributing half of the investment. Sun was a key witness in the recent criminal trial of his former boss, Sam Bankman-Fried, and served as general counsel for the failed FTX exchange until its collapse in November 2022.