Backpack Founder: Did not cash out through OTC, currently re-examining the Witch case

金色财经_ · 2026-03-27T12:49:23+00:00

Backpack founder Armani Ferrante recently clarified misunderstandings regarding OTC trading and Mad Lads rights, emphasizing that the team has not cashed out and encouraging long-term holders. At the same time, he acknowledged that the handling of witch hunts has been inflexible and is currently under review, stating that the team's interests are closely tied to the success of the token.

金色财经_

2026-03-27 12:49:23

Abstract generation in progress

March 27 news: Backpack founder Armani Ferrante posted a reply on X addressing recent community FUD, providing clarifications on topics including OTC trading, Mad Lads entitlements, witch-hunt screening, and token prices. Armani said the team did not sell out via OTC cashing, and that his prior comments about OTC were only meant to help buyers find tokens. Regarding Mad Lads, pre-TGE holders will retain Backpack VIP status, while new holders will not; this design is intended to incentivize users to stay invested in the product long-term.
On witch-hunt screening, he admitted that the team’s previous approach was overly mechanical (black and white) and did not sufficiently consider the complexity across community dimensions. He said the team is currently re-reviewing the relevant cases. In addition, Armani emphasized that short-term FDV is not a core metric. Team incentives are deeply tied to the token’s success, and if the token price goes to zero, the team will not be able to earn any gains. The team is currently continuing to review witch-hunt cases and returning to development work.

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