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How crypto exchange Backpack climbed its way to success after its major investor FTX died

TechCrunch · 1y ago

How crypto exchange Backpack climbed its way to success after its major investor FTX died

Backpack, a crypto exchange and wallet, faced significant challenges after its major investor, FTX, collapsed. However, through strong community support and strategic investments, they managed to overcome the setbacks and achieve significant growth. During its beta phase, Backpack traded over $27.5 billion in volume and gained 252,000 KYC'd users. Unlike FTX, Backpack designed its exchange system to avoid single points of failure, implementing independent nodes for validation. Additionally, Backpack is expanding into other products, such as a crypto wallet and xNFT platform, with the aim of reaching a global customer base.

Related News

Former FTX executives team up to launch new crypto exchange

Economic Times

Economic Times · 1y ago

Former FTX executives team up to launch new crypto exchange

Former executives of collapsed crypto exchange FTX, including key witness Can Sun, are planning to launch a new cryptocurrency exchange called Backpack Exchange. The Dubai-based startup aims to address the problems that led to FTX's downfall, offering trust and transparency. The exchange will allow users to hold funds in their own self-custody wallets. Meanwhile, former FTX CEO Sam Bankman-Fried has been found guilty on all counts related to fraud and money laundering. He faces a potential lengthy prison sentence.

Global regulators seek to crack down on decentralised finance

Economic Times

Economic Times · 1y ago

Global regulators seek to crack down on decentralised finance

The collapse of crypto exchange FTX and of the Terra USD stablecoin during 2022 showed how shocks in one part of the crypto market can trigger billions of dollars in outflows from DeFI applications, said IOSCO, the global umbrella body for securities watchdogs from across the world.

FTX Founder Sam Bankman-Fried Sentenced to 25 Years in Prison

Wired · 1y ago

FTX Founder Sam Bankman-Fried Sentenced to 25 Years in Prison

Sam Bankman-Fried, founder of bankrupt crypto exchange FTX, has been sentenced to 25 years in prison by a US federal judge in the Southern District of New York. Bankman-Fried was found guilty of seven counts of fraud and conspiracy in connection with the collapse of FTX. The exchange ran out of funds in November 2022, and it was discovered that Bankman-Fried had orchestrated an elaborate fraud scheme, diverting billions of dollars of user funds for personal use. The US government described it as "one of the largest financial frauds in history." Bankman-Fried's sentence marks a significant downfall from his previous success as a self-made billionaire and philanthropist in the crypto industry.

FTX cleared to repay billions to customers after bankruptcy plan approval

Economic Times

Economic Times · 9m ago

FTX cleared to repay billions to customers after bankruptcy plan approval

1. FTX, a bankrupt crypto exchange, has received court approval for its wind-down plan, allowing it to repay customers using up to $16.5 billion in recovered assets. 2. The plan prioritizes repaying FTX customers before other competing claims, and aims to repay 98% of customers who held $50,000 or less on the exchange within 60 days. 3. FTX's founder, Sam Bankman-Fried, has been sentenced to 25 years in prison for stealing from FTX customers, but the company is in talks with the U.S. Department of Justice regarding seized funds. 4. U.S. government agencies have agreed to let FTX focus on customer repayments over fines and tax debts, and a liquidator appointed in the Bahamas has joined forces with FTX. 5. FTX has recovered cash and crypto assets that went missing during its collapse, and has raised additional funds by selling off other assets, such as its investments in tech companies. 6. Some FTX customers have expressed disappointment over missing out on crypto price rebounds, and some have objected to the wind-down plan, demanding higher repayments based on recent cryptocurrency value increases.

FTX sues founder Sam Bankman-Fried's parents

Economic Times

Economic Times · 1y ago

FTX sues founder Sam Bankman-Fried's parents

FTX, a bankrupt crypto exchange, has filed a lawsuit against the parents of its founder, Sam Bankman-Fried. The lawsuit alleges that the parents used the company to benefit themselves at the expense of FTX's customers. In response, the parents' attorneys called the claims false and criticized the timing of the lawsuit. FTX filed for bankruptcy in 2022 after accusations of misusing and losing customers' crypto deposits. The exchange has since recovered billions in assets to repay customers and is pursuing further recovery through lawsuits.

The crypto market still bears the scars of FTX's collapse

Economic Times

Economic Times · 1y ago

The crypto market still bears the scars of FTX's collapse

The global cryptocurrency market is still recovering from the collapse of FTX and other major players in 2022. Bitcoin, the largest cryptocurrency, has partially bounced back but is still far from its 2021 peak. The overall crypto market value plummeted in 2022 but has since made some progress. Venture capital investments in crypto have slowed down, and trading volumes have also decreased significantly. The collapse of FTX has affected confidence in the crypto ecosystem.

Can FTX Be Revived—Without Sam Bankman-Fried?

Wired · 1y ago

Can FTX Be Revived—Without Sam Bankman-Fried?

Pat Rabbitte, a former customer of the now-bankrupt crypto exchange FTX, dismisses founder Sam Bankman-Fried's reputation, stating, "He's not that remarkable." Rabbitte is among many creditors seeking to recover funds from FTX's bankruptcy. Some creditors have formed the FTX 2.0 Coalition and are considering restarting FTX without Bankman-Fried. The exchange, once valued at $32 billion, crumbled, leading to charges of conspiracy and fraud against Bankman-Fried. The trial will likely rekindle the debate about his legacy, while creditors aim for a faster and fuller recovery.

Crypto firm Gemini confidentially files for US IPO

Economic Times

Economic Times · 1m ago

Crypto firm Gemini confidentially files for US IPO

Crypto firm Gemini has filed confidentially for a U.S. IPO, aiming to capitalize on renewed investor interest amidst improved market conditions. Recent successful listings, including Circle's strong debut on the New York Stock Exchange, indicate pent-up demand in the crypto and fintech sectors. Analysts believe Circle’s success could inspire more cryptocurrency firms to seek public listings. Gemini hasn’t yet decided the size or price range for its offering.

Sam Bankman-Fried, once crypto royalty, awaits sentence in fraud case

Livemint

Livemint · 1y ago

Sam Bankman-Fried, once crypto royalty, awaits sentence in fraud case

Sam Bankman-Fried, the former crypto king and founder of FTX, is facing sentencing in a New York federal court for crimes related to the collapse of his crypto exchange. He was found guilty of stealing billions of dollars from FTX customers and defrauding investors and lenders. Prosecutors have asked for a 40 to 50 year prison sentence, while Bankman-Fried's lawyers argue for no more than six years. The sentencing marks the downfall of Bankman-Fried, who was once hailed as a brilliant and philanthropic figure in the crypto world.

Delta Exchange India: Fastest Growing Crypto F&O Exchange

VCCircle

VCCircle · 1y ago

Delta Exchange India: Fastest Growing Crypto F&O Exchange

Delta Exchange India is the fastest-growing crypto futures and options exchange in the country. It is leading the way in grassroots adoption of cryptocurrencies in India, as highlighted by its trading volumes. Crypto futures and options allow traders to speculate on price movements and hedge against risks. Delta Exchange India offers INR-settled futures and options on major cryptos, with convenient INR deposits and withdrawals. The platform is tailored to the needs of Indian traders and provides features like small lot sizes, flexible expiries, and efficient margining. Getting started is easy, and the platform is user-friendly.

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