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 retail users and stop unfair advantages from account splitting. Our approach was too simplistic and didn’t fully consider the community’s nuanced views—this was our mistake. · **Price/FDV**: Short-term prices or fully diluted valuations (FDV) post-TGE don’t mean anything. The team is focused on building Backpack long-term, and we’ve designed an extreme token economy incentive to ensure long-term success. If the token price hits zero, the company fails, and we get nothing. Our rewards only come from real long-term success—not short-term price swings.”