Backpack
Summary
Backpack is a Solana-ecosystem crypto wallet and centralized exchange (operating as Trek Labs Ltd FZE) founded in 2022 by Armani Ferrante and Tristan Yver, both veterans of the FTX and Alameda Research organizations prior to those firms' 2022 collapse. The exchange holds a VARA VASP license in Dubai and a MiFID II license (via acquisition of FTX EU from CySEC in January 2025), has published daily zero-knowledge proof-of-reserves since August 2025, and raised funding at a reported $1 billion valuation in early 2026. Key risk signals include the founders' FTX-era history, a contested FTX EU acquisition that drew a public rebuke from the FTX bankruptcy estate, a 60-plus percent post-TGE collapse of its native BP token, and ongoing US regulatory limitations.
Connected Entities
1 entities · 10 linked investigations- + 5 more
Timeline(15 events)
2018-01-01
Armani Ferrante joins Alameda Research as an early hire, departing after approximately three months.
IQ.wiki — Armani Ferrante profile2022-04-01
Coral (later Backpack) founded by Armani Ferrante; Tristan Yver departs FTX US in May 2022.
CoinDesk — Solana Veterans Raise $17M2022-09-28
Coral raises $20 million strategic round co-led by FTX Ventures and Jump Crypto.
PR Newswire — Coral $20M round2022-11-11
FTX collapses; Backpack alleges it lost approximately $14.5 million (88% of operating funds) in the bankruptcy.
The Block — FTX-funded startup cockroach mode2023-04-01
Mad Lads NFT collection launches on Solana, topping NFT volume charts in its first week.
Decrypt — Mad Lads NFTs All-Time High2023-10-31
Trek Labs Ltd FZE receives VARA VASP Exchange Services License (No. VL/23/07/001) in Dubai.
PR Newswire — Backpack VARA license announcement2023-11-13
WSJ / CoinDesk report that former FTX general counsel Can Sun will co-found Trek Labs / lead Backpack Exchange.
CoinDesk — Former FTX Executives to Start New Crypto Exchange2024-02-28
Backpack raises $17 million Series A led by Placeholder VC at a $120 million valuation.
CoinDesk — Solana Veterans Raise $17M2025-01-07
Backpack announces the acquisition of FTX EU (from prior owners Gruhn and Matzke) for $32.7 million, gaining a CySEC MiFID II license and 110,000 former user accounts.
CoinDesk — FTX EU Sold to Backpack Exchange2025-01-09
FTX bankruptcy estate publicly disputes the acquisition, calling the announcement 'unauthorized' and stating Backpack has no authorization to distribute funds to FTX customers.
CoinDesk — FTX Estate Hits Out Over Unauthorized Sale2025-04-01
Backpack opens the first phase of the FTX EU claims process for approximately 110,000 former users.
Backpack Learn — Claims Process Blog2025-05-12
Eligible former FTX EU users can begin withdrawing from €55 million Backpack earmarked for repayments.
Crypto Times — FTX EU Clients Can Now Reclaim Funds via Backpack2025-08-18
Backpack begins publishing daily zero-knowledge proof-of-reserves verified by OtterSec.
CryptoNews — Backpack Exchange Launches Daily Proof of Reserves Verified by OtterSec2026-02-09
Axios reports Backpack is in discussions to raise approximately $50 million at a $1 billion pre-money valuation.
Axios — Backpack Exchange raising at $1B valuation2026-03-23
$BP token TGE launches; 25% of 1 billion supply airdropped to users. Token reaches ~$0.45 ATH before declining more than 60%, prompting community allegations of insider selling that Ferrante publicly denied.
CryptoRank — Backpack knocks back FUD as BP drops over 60%Decision Log
- hash: HJdDPyyxqvin4H8CQHruswpYrZBCRPeQC8ccgfEmARGg
- hash: BYbrFdemMCkJ8vRGCCmDR4TqkYduQS9LZJNCsJkxi5ao
- hash: 5dA2bV3XtrtQcnrCQFg1SLfJCLvPCnAqrRNC299TWT4g
This investigation is cryptographically anchored to the Solana blockchain and source URLs are archived via the Internet Archive.
model: claude-code-investigator
generated: 5/31/2026, 8:27:47 PM
last updated: 6/1/2026, 12:21:12 AM
avoid.net — verified advice for a post-truth world