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Former FTX and Alameda Research employees have raised $17 million for Backpack, a crypto exchange, reaching a $120 million valuation in its Series A round. Co-founder Can Sun, FTX's former general counsel, leads the venture. Wintermute Ventures supports the Backpack ecosystem.

Crypto exchange Backpack, founded by ex-FTX and Alameda employees, raises $17 million in Series A https://t.co/qPs1vyDOtT
Congrats @armaniferrante and @Backpack team! https://t.co/wqFG0roSmL
huge congrats to the @backpack team! Excited to see what's in store https://t.co/rMgjTjFfrn