Posted on 11/13/2023 11:42:57 AM PST by dynachrome
Former FTX general counsel Can Sun, who was a key witness in the Sam Bankman-Fried trial, and former Alameda Research software developer Armani Ferrante are building a Dubai-based exchange called Backpack Exchange. Two former colleagues of recently convicted Sam Bankman-Fried are building a new crypto exchange just days after their former CEO was found guilty on seven charges of fraud.
FTX’s former general counsel, Can Sun, and former Alameda Research software developer Armani Ferrante have teamed up to start Trek Labs, a Dubai-based company that recently obtained a license from the Virtual Assets Regulatory Authority, or VARA, which regulates digital assets in the emirate, the Wall Street Journal reported last week. Trek Labs was founded by Sun, and Ferrante is CEO of its holding company in the British Virgin Islands. Ferrante is also the founder of Backpack, a digital wallet company, which is integrated into the exchange and under which name Trek Labs will do business.
(Excerpt) Read more at coindesk.com ...
The first time worked so well, that they will do it again.
This helps confirm to me that the true function of cryptocurrency is to put real world wealth into the hands of those who start crypto currency exchanges.
Yeah right sign me up!!!!/s The grifters will keep on grifting.
I hope those guys know the kind of criminal penalties Sunni Muslims impose ...
Sam Bankman-Fried now doing business as Sam Savings & Loan-Fried 😊
Sam is now trading in Ramen Noodles..
Punishing criminals doesn’t really act as a deterrent to other criminals. If it did we would not have criminals at all. They always think they can get away with it. Locking them up does get them out of circulation for a time. But soon as they get out they go back to it. These Bankman associates are no different. Hopefully they violate laws in the Muslim nation of their choice. Muslims have a more permanent way of dealing with these types of criminals.
I would not even buy a box of girl scout cookies from this bent lot of sheister’s.
No one is giving them money. These are for illegal payoffs.
FTX was designed to steer illegal campaign contributions to politicians while avoiding the scrutiny of standard financial systems.
I still can’t fathom why these exist outside of tracking digital information. I do appreciate it can be used outside the central bank’s claws. But really? $40,000 for a line of code?
As an aside. I had a business associate who was ALL IN on crypto. He called me up and told me to BUY BUY BUY these little ‘coins.’ They were 8 cents when he told me. A few weeks later they were up over $1. Today.... The same ‘coin’ is worth $.007.
“Yes, let’s put our life savings into this. What could go wrong?”
exactly ... just like putting all your money on Red on a roulette wheel that has only black numbers ...
the mantra of ALL crypto exchanges is “whatever you do, NEVER give back REAL money” ....
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