Despite all the recent downturns faced by the crypto industry, crypto enthusiasts still hope for a better future and some of them are ready to start everything from scratch. Thus, several ex-managers of the collapsed cryptocurrency exchange FTX are setting their sights on Dubai to establish a new crypto trading platform. This initiative comes amidst the backdrop of FTX's dramatic downfall, stirring cautious optimism among crypto lovers. Can Sun, a former general counsel for FTX, has taken the lead by founding Trek Labs in the United Arab Emirates. As of October 2023, the firm secured a digital asset service license, positioning itself as a pivotal player in the crypto space. Trek Labs' immediate focus is the launch and management of Backpack Exchange, a promising new crypto exchange platform. Can Sun teamed up with Armani Ferrante, another ex-manager at FTX, who now holds the reins as the CEO of Trek Labs. Ferrante also runs the development of the Backpack digital wallet, which is integrated into the Backpack Exchange platform. Backpack Exchange is currently going through a beta-testing phase and is gearing up for a public rollout. In an effort to distance this new endeavor from the shadow of FTX, Can Sun is prioritizing the security of client assets. The new platform will implement a confidential computing protocol, which requires approval from multiple users to conduct a transaction. This feature aims to enhance transaction security and rebuild investor trust.