Backpack Founder Responds to FUD: Did Not Cash Out Tokens via OTC Trading

BlockBeats News, March 27th, Backpack founder Armani Ferrante posted on social media in response to FUD, stating: "Every TGE triggers emotional fluctuations because people are too focused on token price. I want to clarify the facts and share my views on several issues that have arisen in the past few days:

· OTC: We did not cash out our tokens through over-the-counter (OTC) trading; this is fake news. The reality is that buyers actively contacted me seeking OTC, and we helped them acquire more tokens. Due to other projects having historically used OTC for cashing out, the community misunderstood our actions.

· Mad Lads: Pre-TGE holders retain Backpack VIP status, which new holders do not enjoy. The Mad Lads development has always been in sync with Backpack, focusing on long-term holders at each stage rather than short-term speculators. New holders may have different perceptions, leading to conflicts, but we always adhere to the long-term vision to drive Backpack's development.

· Sybills: Our goal is to protect retail users and prevent unfair advantages through account splitting. Our execution was too simplistic and did not fully consider the community's nuanced perspective, which was our mistake.

· Price/FDV: Short-term price or FDV (Fully Diluted Valuation) after TGE is meaningless. The team is focused on long-term Backpack development and ensures long-term success through a tokenomics design that incentivizes extreme behavior. If the token price goes to zero, the company fails, and we gain nothing. Our rewards only come from real long-term success, not short-term price fluctuations."