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. Mad Lads development has always been in sync with Backpack, focusing at each stage on long-term holders rather than short-term speculators. New holders may have a different perception, leading to conflicts, but we always adhere to a 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 oversimplified and did not adequately consider the community’s nuanced perspectives; this was our mistake.
· Price/FDV: The short-term price or FDV (Fully Diluted Valuation) after TGE is meaningless. The team is focused on long-term Backpack building and ensures long-term success through a token economy incentive designed to be extreme. If the token price goes to zero, the company fails, and we gain nothing. Our rewards come only from real long-term success, not short-term price fluctuations.”
