Gate News reports that on March 27, Backpack founder Armani Ferrante posted on social media in response to recent community concerns regarding OTC trading, Mad Lads holders’ rights, witch hunts, and token prices. Armani stated that the team had not cashed out through OTC methods, and previous comments about OTC were merely to assist buyers in finding tokens. Regarding the rights of Mad Lads holders, previous holders before TGE will retain Backpack VIP status, while new holders will not have this right, a design intended to incentivize users who focus on the product long-term. In response to the witch hunt issue, Armani admitted that the team’s previous handling was too mechanical and did not sufficiently consider the complexities at the community level, and the team is currently re-evaluating related cases. Additionally, he emphasized that short-term FDV is not a core metric, and the team’s interests are deeply tied to token performance; if the token price goes to zero, the team will not be able to earn any revenue. The team is currently continuing to advance the witch case review and return to product development.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Alphea Launches AI-Native Layer 1 Blockchain with Autonomous Agent Execution
Gate News message, April 27 — Alphea, a newly unveiled Layer 1 blockchain platform designed for AI infrastructure, officially presented its decentralized execution environment at Hong Kong Web3 Festival 2026. The platform integrates execution, persistent memory, and verifiable computation as
GateNews11m ago
Lise Completes World's First Tokenized IPO on Regulated Exchange
Gate News message, April 27 — Lise (Lightning Stock Exchange), a Paris-based regulated exchange, has closed what it describes as the world's first initial public offering (IPO) executed on a fully regulated, natively tokenized market infrastructure. ST GROUP, a French industrial SME supplying
GateNews31m ago
Maple Finance's Cross-Chain Bridge Surpasses $7B in Total Volume
Gate News message, April 27 — Maple Finance announced Monday that its cross-chain bridge has processed over $7 billion in total volume, marking a significant milestone for the protocol.
The achievement reflects growing adoption of Maple's dollar yield assets across multiple blockchain ecosystems, d
GateNews41m ago
Bitcoin Fork Controversy: eCash Plan Targets Satoshi’s Hidden Holdings
A new Bitcoin hard fork proposal by developer Paul Sztorc has triggered intense debate across the crypto community. The planned fork, named eCash, is expected to launch in August 2026 and would distribute tokens to Bitcoin holders at a 1:1 ratio. However, the proposal has drawn criticism due to
CryptometerIo1h ago
Tether Launches Mining Development Kit (MDK), Open-Source Framework for Bitcoin Miners
Gate News message, April 27 — Tether announced the launch of Mining Development Kit (MDK), an open-source, full-stack development framework designed to provide unified control over the entire infrastructure stack for Bitcoin miners and developers.
MDK features an open modular architecture with
GateNews2h ago
Curve Founder Egorov Proposes Market-Based Bad Debt Recovery Model for DeFi Lending
Gate News message, April 27 — Curve founder Michael Egorov has proposed a market-based mechanism to recover bad debt in DeFi lending protocols, positioning it as an alternative to traditional bailout models. The proposal centers on converting distressed positions into tradable investment products, s
GateNews3h ago
