Backpack Founder Responds to FUD: No OTC Cash-Out of Modern Tokens

On March 27, Backpack founder Armani Ferrante addressed FUD on social media, stating: “Every TGE triggers emotional fluctuations as people focus too much on token prices. I want to clarify several issues that have arisen over the past few days and share my perspective: · OTC: We have not cashed out our tokens through over-the-counter (OTC) transactions; this is fake news. The reality is that buyers have proactively contacted me seeking OTC, and we have helped them acquire more tokens. Due to other projects historically utilizing OTC for cash-out, the community has misunderstood our actions. · Mad Lads: Pre-TGE holders retain Backpack VIP status, while new holders do not enjoy this privilege. The development of Mad Lads has always been in sync with Backpack, focusing on long-term holders rather than short-term speculators. New holders may have different perceptions, leading to conflicts, but we remain committed to our long-term vision to drive Backpack’s growth. · Sybills: Our goal is to protect retail users and prevent unfair advantages through account splitting. Our execution has been overly simplistic and has not fully considered the community’s complex viewpoints, which is our mistake. · Price/FDV: Short-term price or FDV (fully diluted valuation) after TGE is meaningless. The team is focused on building Backpack for the long term and ensuring success through a highly designed token economy. If the token price goes to zero, the company fails, and we gain nothing. Our rewards come solely from genuine long-term success, not short-term price fluctuations.”