Solana’s (CRYPTO: SOL) Mad Lads NFTs have reached an unprecedented price high after Backpack, a Solana-based NFT wallet app, appointed a former FTX general counsel, Can Sun to spearhead Trek Labs, a Dubai-based startup linked to Backpack and its parent company, Coral.

Coral’s Mad Lads’ profile picture (PFP) project on Solana has surged to an all-time price high in U.S. dollars, Decrypt reported. Mad Lads NFTs are currently priced at 82.37 SOL, which equates to roughly $4,480, doubling its previous all-time high.

This development comes on the heels of Sun’s testimony against his ex-employer, Sam Bankman-Fried, in a U.S. government fraud case against the FTX co-founder and past CEO.

Trek Labs plans to offer a 10% stake in the company to investors, valuing over $100 million. Coral’s co-founder and CEO, Armani Ferrante, is a minority shareholder in Trek Labs, while his wife Claire Zhang, Sun’s former deputy at FTX, also holds a stake.

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In October, Trek Labs secured a Virtual Asset Service Provider license from the Dubai Virtual Assets Regulatory Authority (VARA) to inaugurate a regulated exchange in the country. Sun disclosed his FTX history during the regulatory application process, as stated by The Wall Street Journal.

Trek Labs initiated beta signups for the Backpack exchange exclusively for Mad Lads NFT holders, which could stimulate purchases of the Solana NFTs.

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