Recently, I've come across several small retail trader influencers saying they've been rugpulled hard by Backpack 🎒 over the past few years.

These projects with extremely high rebate ratios ➕ and long cycles always end up with someone paying the price.
I still remember when Backpack was being hyped like crazy by major KOLs back then. Xiao Cangsheng, who had the strongest ability to drive volume in the Perps sector, even directly pointed out its excessive risks.
Looking back now, I won't comment further.
The KOLs sitting at the inner circle table have already divided up all the allocation quotas, leaving nothing for retail traders.
However, Backpack's withdrawal process is still very smooth.