Backpack Founder Responds to FUD: Did Not Cash Out Token via OTC Trades
On March 27th, Backpack founder Armani Ferrante took to social media to address FUD, stating:
“Every token generation event (TGE) sparks emotional swings because people fixate too much on token prices. I want to clarify the facts and share my thoughts on a few issues that popped up over the past few days:
· **OTC**: We didn’t cash out our tokens via over-the-counter (OTC) trading—this is fake news. The truth is buyers reached out to me directly wanting OTC deals, and we helped them get more tokens. Since other projects have historically used OTC to cash out, the community misinterpreted what we did.
· **Mad Lads**: Pre-TGE holders keep their Backpack VIP status—new holders don’t get that. Mad Lads development has always aligned with Backpack, with each phase focused on long-term holders, not short-term speculators. New holders might see things differently, leading to tension, but we always stick to a long-term vision to grow Backpack.
· **Sybills**: Our goal was to protect r
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「Strategy Opponent Liquidation」: $30M BTC Long Position Liquidated, Resulting in Approximately $250K Loss
March 27th — Per HyperInsight monitoring (https://t.me/HyperInsight), the “Strategy Whale” address (0x94d3…) has fully closed out its 40x leveraged BTC long position. The position’s liquidation price was ~$68,308, resulting in a loss of ~$249,800.
The whale had continued adding to this long position after BTC dropped below $69,000 early this morning, expanding the position size to 439.9 BTC (equivalent to ~$30.3 million). It opted for a stop-loss exit within the past half hour.
Currently, the address has opened an initial short position of ~500,000 BTC at an average price of $67,923.
Additionally, the address holds a 20x leveraged BRENTOIL long position: the position size is $25.74 million, with an average entry price of $98.64 and an unrealized profit of $1.16 million (34% gain).
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Australian Court Slaps Binance Subsidiary with $10 Million Fine for Customer Misclassification
March 27 — The Wall Street Journal reports Australia’s Federal Court has ordered Binance’s local derivatives arm to pay an additional AUD 10 million (roughly USD 6.9 million) in fines.
This fine adds to the approximately AUD 13.1 million in compensation Binance already paid to affected customers by 2023.
Australia’s corporate regulator, the Australian Securities and Investments Commission (ASIC), found the unit misclassified 524 retail investors as wholesale clients between July 2022 and April 2023. That exposed the investors to high-risk derivatives without consumer law protections, leading to over AUD 12 million in losses and costs.
ASIC Chair Joe Longo said the ruling is a clear warning to financial services providers operating in Australia.
A Binance spokesperson noted the issue was resolved in 2023. Its affiliated subsidiary Oztures has since shuttered its derivatives business and surrendered its license.
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If Bitcoin drops below $66,000, the mainstream CEX long liquidation volume will reach $607 million.
On March 27, data from Coinglass shows that if Bitcoin falls below $66,000, the cumulative long liquidation intensity across major centralized exchanges (CEXs) will reach $607 million.
Conversely, should Bitcoin climb above $69,000, the cumulative short liquidation intensity for these mainstream CEXs will hit $638 million.
BlockBeats Note: Liquidation charts do not show the exact number of contracts facing liquidation or their precise value. Instead, the bars on these charts reflect the importance of each liquidation cluster relative to its neighboring clusters—i.e., their intensity.
Accordingly, the chart illustrates how significantly the underlying asset’s price will be impacted when it hits a specific level. A taller "liquidation bar" means the price will trigger a more intense reaction upon reaching that level, driven by a liquidity cascade.
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