In the wake of the announcement that the Solana-based NFT wallet app Backpack is set to launch a cryptocurrency exchange in Dubai, the company has enlisted former FTX general counsel Can Sun to spearhead the exchange. The associated NFT project, Solana’s Mad Lads, has concurrently surged to an all-time high.
Can Sun, who recently testified against FTX co-founder Sam Bankman-Fried in the U.S. government’s fraud trial, will now lead Trek Labs, the Dubai-based startup connected to Backpack and its creator, Coral. Sun’s cooperation with prosecutors and the signing of a non-prosecution agreement marked his involvement in the trial. Trek Labs, according to The Wall Street Journal, aims to sell a 10% stake in the company to investors at a valuation exceeding $100 million.
Coral’s CEO and co-founder, Armani Ferrante, is listed as a minority shareholder in Trek Labs, with his wife Claire Zhang also holding a stake. Zhang, Sun’s former deputy at FTX, and Ferrante, who worked at both Alameda and FTX before founding Coral, are key figures in the startup.
Trek Labs, having secured a Virtual Asset Service Provider license from the Dubai Virtual Assets Regulatory Authority (VARA) in October, is poised to launch a regulated exchange in the country. Sun transparently disclosed his FTX history during the regulatory application process.
As NFT prices and demand soar, Coral’s Mad Lads project on Solana has reached an all-time high price. Mad Lads NFTs now start at 82.37 SOL on secondary marketplaces, equivalent to $4,480 based on Solana’s current value. This marks a significant increase from the previous all-time high before November, spurred by Solana’s 148% surge over the past 30 days, reaching a current price above $54.
Trek Labs has initiated beta signups for the Backpack exchange, exclusively offering early access to Mad Lads NFT holders in the initial wave, potentially contributing to the increased demand for Solana NFTs.
