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## Former FTX and Alameda Research Employees Launch Backpack Crypto Exchange

A group of former FTX and Alameda Research employees have recently secured $17 million in funding to establish a new crypto exchange called Backpack. This development signifies a growing trend in the crypto industry where startups are stepping up to fill the void left by the collapse of their former employer Sam Bankman-FriedÔÇÖs crypto empire.

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## Expansion Plans and Valuation

Backpack, headquartered in Dubai, is not just limited to a crypto exchange. The company also offers a crypto wallet and an NFT collection named Mad Lads. With the successful completion of a Series A funding round, Backpack has achieved an impressive $120 million valuation. Armani Ferrante, the CEO, and co-founder of Backpack, previously worked at Alameda Research. Meanwhile, Can Sun, another co-founder, held the position of FTXÔÇÖs former general counsel. Out of the 40 employees at Backpack, five were previously associated with FTX.

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