Key witness in FTX trial launches new crypto exchange

Former FTX lawyer Can Sun - and one of the key witnesses in the FTX process - founded the crypto start-up Trek Labs.

Trek Labs plans to sell a 10 percent stake to investors worth more than $100 million in an effort to find financial backing, reports the Wall Street Journal. In addition to Sun, other FTX personalities are also part of the Trek Labs founding team.

The Dubai-licensed startup plans to set up a crypto exchange called "Backpack Exchange," the company said. A beta version of the new crypto exchange is scheduled to launch this month. FTX is also currently planning to launch the restart trading platform. According to the CEO, the reopening will help compensate customers.