Mad Lads NFTs Hit All-Time High as Backpack Taps FTX Lawyer for Exchange Launch
Solana-based NFT wallet app Backpack will launch a cryptocurrency exchange based in Dubai, the company has added former FTX general counsel Can Sun to lead the exchange. And now Backpack’s associated NFT project, Solana’s Mad Lads, has soared to an all-time high price. The news comes just weeks after Sun testified against ex-boss Sam Bankman-Fried in the U.S. government’s fraud trial against the FTX co-founder and former CEO.
According to the report, Trek Labs aims to sell a 10% stake of the company to investors at a valuation above $100 million. Coral co-founder and CEO Armani Ferrante is listed as a minority shareholder in Trek Labs, per the report, while his wife Claire Zhang also holds a stake. Zhang was previously Sun’s deputy at FTX, while Ferrante himself worked at both Alameda and FTX before founding Coral. Trek Labs announced in October that it obtained a Virtual Asset Service Provider license from the Dubai Virtual Assets Regulatory Authority (VARA) to launch a regulated exchange in the country. Sun disclosed his history with FTX during the regulatory application process, according to the Wall Street Journal.
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