SuitUpWebdesign
2.1K posts
$EDGE perp is now trading on Backpack 🎒
Trade to unlock limited-time achievements 🫡
English
@ufukdogancrypt Believing this scam artist Armani just let‘s him extract more. He has shown his true colors and „believing“ will just lead more people to the slaughter
English
A calm message to Armani.
The link between Mad Lads and Backpack is now officially gone.
New holders no longer receive VIP status on the exchange. No utility. No connection. No program has been announced to replace it. You've removed the bridge and offered nothing in its place.
But the bigger issue isn't mechanics. It's trust.
You cannot ask someone to buy into a culture you methodically dismantled. The vibe, the identity, the "WAO" — that wasn't built by Backpack. It was built by people who gave years, not quarters. And it was quietly eroded, not by market conditions, but by deliberate choices.
The culture you've created in its place? Ban everyone who disagrees. This week alone, people who posted honest criticism on Twitter were banned, had roles stripped, silenced. There are reports of someone being told in Telegram: "Give me your email and we'll exclude you from the airdrop" for simply being critical.
That is not community management. That is control through fear.
As a leader, you've failed the people who walked with you for three years. Not because the token underperformed. Because everyone — inside and outside this community — can now clearly see what happened to the people who believed in you earliest and loudest. They're reading it. They'll keep reading it.
You cannot build a healthy community by dividing it, setting holders against each other, and publicly praising the moderators responsible for the toxicity.
Will you succeed as a CEO? Maybe. You captured real volume on the back of Mad Lads trust and pre-TGE momentum. Whether that continues without the foundation that created it, we'll see.
I genuinely hope you succeed. I still hold $BP.
But I hold it in discomfort. And I think you should know that.
Armani Ferrante@armaniferrante
On FUD. FUD is an opportunity to either address misunderstandings or to identify mistakes and simply fix them. With every TGE, emotions run hot, as people focus on a single number, the token price, determining one’s feelings. It’s human nature, and because Backpack has such a large community around the world, spanning from advanced traders in Asia, to wallet users on every network, Mad Lad holders around the world, and everyone in between, the TGE is a time where people vocalize their views. I would like to address several different topics I’ve seen floating around over the past few days to set the record straight and offer my perspective. - OTC. I can’t believe I have to say this, no, we aren’t OTCing our own tokens to cash out. See the tokenomics. Fake news. End of story. What is true: buyers reached out to me and asked for OTC. I am happy to help buyers find more tokens. Unfortunately, due to the bad history of other crypto projects using OTC to cash out, folks assumed the worst when they saw me post about OTC in discord. - Mad Lads. All existing Mad Lad holders pre-TGE retain their Backpack VIP status. New holders do not. Some like this, some hate this. I understand both perspectives. My perspective is that Mad Lads has always been an evolution alongside Backpack. We went from the whitelist games inside Backpack => pre-reveal inside Backpack => reveal boss inside Backpack => xNFT inside Backpack => airdrops inside Backpack => VIP points inside Backpack => the BP token. Each one of these stages created a clear path for Mad Lads to get to the next stage, always focusing on long term holders over people that come and go. There are people that follow the path, and people that do not. There are people that evolve with us and people that do not. Our approach from the day Mad Lads was born has always been to focus people on the Backpack product. Naturally, new people came into Mad Lads with their own pre-conceived notion of what it was or what it should be. This creates tension. But we have always had a strong vision and we will always stick to it. The people that use the product always get to the next stage, where every stage answers a single question: how do we push Backpack forward. When designing token utility, it’s a question of economics, and it would be a disservice to BP to not align incentives around it. There’s an additional nuance worth pointing out: Backpack is different from basically every other product that dropped a mined token because we KYC users and are selective about the regions we open up. Those users have been out of the game, so to speak, not because I want to do that–nothing upsets me more than not being able to serve users in a particular region (what founder would want that?)--but it’s because we have chosen the path of building a crypto native financial institution. That path is long and hard. For these users, we have maintained the path to get to the next stage and have communicated that. When we open up regions, these regions will get their drops, and we will be running new campaigns to get more drops just by using the product, and that brings everyone up to speed with the same VIP benefits of the original pre-TGE seasons. For the long term holders, nothing has changed. The key issue is with respect to new NFT holders. Some people will hate this. Some will think it’s sound economics. I understand both perspectives. We are doing what we think is best. - Sybills. Our goal was to protect retail users competing for points against sophisticated players splitting accounts and giving themselves an unfair advantage over those that don’t. The mistake we made: our process was too black and white. From the team’s point of view, we had a line and we stuck to it. From the community’s point of view, the line is nuanced. We did not sufficiently take that into consideration. - Price/FDV. With every token comes the human nature to think about the price at all times. There are good ways to think about price and there are clearly illegal ways to think about price. Our position is simple, we are building over a long period of time, and we are not making short term decisions. 24h post-TGE FDV is not a meaningful metric. Even 1 week post-TGE FDV is not a meaningful metric. If you ask anyone that’s ever built anything, they’ll tell you the same. Many people will take issue with that statement, and that’s ok. Ultimately, you have to look at our incentives and decide for yourself. The fact of the matter is that the team and I are incentivized to make Backpack a success with arguably the most extreme tokenomics ever created. What happens if the token goes to zero and stays there? Our company fails, and we get nothing. Some people might rebut saying that we get rich from the company revenue. No. That is simply not how companies work. We don’t get rich from a bad token price. We are punished in the most extreme possible way. And we are rewarded in the most extreme way only if we achieve all of our hopes and dreams. The way it should be. This is by design. Beyond this post you won’t see me talk about price or FDV. You will see me talking about building and creating long term value. And it’s only by doing that, can BP become a success. Every project goes through trials and tribulations. This is certainly a moment for us. We are nothing without our community, and we will serve it in the best way we know how. I have complete conviction, I am all in, and the team is all in. Don’t trust us, look at the tokenomics to decide for yourself. Thank you for reading this. Thank you especially to those that have supported us this week. It means a lot. We will continue to review the above, particularly the cases around sybils, and get back to building.
English
@RealSolKing @Backpack @MadLads Waiting for the mental health break post followed by the „today we will have to part with 50% of our employees“ post lmao
English
Armani has thrown a big msg to confuse everyone….
Not many will read it full…
OTC- Armani is helping OTC buyers but he cannot ask them to use @Backpack CEX
@MadLads - all new buyers will not get VIP status….
Now watch Degods floor taking over Madlads
FUD- It means fear, uncertainty and doubt. Here people are calling Armani and team cheaters, scammers and ruggers- this no where equates to FUD. Time and again founders like Armani have used terms like FUD to brush away the opposition…
@armaniferrante = @SBF_FTX
Thanks for reading this
Armani Ferrante@armaniferrante
On FUD. FUD is an opportunity to either address misunderstandings or to identify mistakes and simply fix them. With every TGE, emotions run hot, as people focus on a single number, the token price, determining one’s feelings. It’s human nature, and because Backpack has such a large community around the world, spanning from advanced traders in Asia, to wallet users on every network, Mad Lad holders around the world, and everyone in between, the TGE is a time where people vocalize their views. I would like to address several different topics I’ve seen floating around over the past few days to set the record straight and offer my perspective. - OTC. I can’t believe I have to say this, no, we aren’t OTCing our own tokens to cash out. See the tokenomics. Fake news. End of story. What is true: buyers reached out to me and asked for OTC. I am happy to help buyers find more tokens. Unfortunately, due to the bad history of other crypto projects using OTC to cash out, folks assumed the worst when they saw me post about OTC in discord. - Mad Lads. All existing Mad Lad holders pre-TGE retain their Backpack VIP status. New holders do not. Some like this, some hate this. I understand both perspectives. My perspective is that Mad Lads has always been an evolution alongside Backpack. We went from the whitelist games inside Backpack => pre-reveal inside Backpack => reveal boss inside Backpack => xNFT inside Backpack => airdrops inside Backpack => VIP points inside Backpack => the BP token. Each one of these stages created a clear path for Mad Lads to get to the next stage, always focusing on long term holders over people that come and go. There are people that follow the path, and people that do not. There are people that evolve with us and people that do not. Our approach from the day Mad Lads was born has always been to focus people on the Backpack product. Naturally, new people came into Mad Lads with their own pre-conceived notion of what it was or what it should be. This creates tension. But we have always had a strong vision and we will always stick to it. The people that use the product always get to the next stage, where every stage answers a single question: how do we push Backpack forward. When designing token utility, it’s a question of economics, and it would be a disservice to BP to not align incentives around it. There’s an additional nuance worth pointing out: Backpack is different from basically every other product that dropped a mined token because we KYC users and are selective about the regions we open up. Those users have been out of the game, so to speak, not because I want to do that–nothing upsets me more than not being able to serve users in a particular region (what founder would want that?)--but it’s because we have chosen the path of building a crypto native financial institution. That path is long and hard. For these users, we have maintained the path to get to the next stage and have communicated that. When we open up regions, these regions will get their drops, and we will be running new campaigns to get more drops just by using the product, and that brings everyone up to speed with the same VIP benefits of the original pre-TGE seasons. For the long term holders, nothing has changed. The key issue is with respect to new NFT holders. Some people will hate this. Some will think it’s sound economics. I understand both perspectives. We are doing what we think is best. - Sybills. Our goal was to protect retail users competing for points against sophisticated players splitting accounts and giving themselves an unfair advantage over those that don’t. The mistake we made: our process was too black and white. From the team’s point of view, we had a line and we stuck to it. From the community’s point of view, the line is nuanced. We did not sufficiently take that into consideration. - Price/FDV. With every token comes the human nature to think about the price at all times. There are good ways to think about price and there are clearly illegal ways to think about price. Our position is simple, we are building over a long period of time, and we are not making short term decisions. 24h post-TGE FDV is not a meaningful metric. Even 1 week post-TGE FDV is not a meaningful metric. If you ask anyone that’s ever built anything, they’ll tell you the same. Many people will take issue with that statement, and that’s ok. Ultimately, you have to look at our incentives and decide for yourself. The fact of the matter is that the team and I are incentivized to make Backpack a success with arguably the most extreme tokenomics ever created. What happens if the token goes to zero and stays there? Our company fails, and we get nothing. Some people might rebut saying that we get rich from the company revenue. No. That is simply not how companies work. We don’t get rich from a bad token price. We are punished in the most extreme possible way. And we are rewarded in the most extreme way only if we achieve all of our hopes and dreams. The way it should be. This is by design. Beyond this post you won’t see me talk about price or FDV. You will see me talking about building and creating long term value. And it’s only by doing that, can BP become a success. Every project goes through trials and tribulations. This is certainly a moment for us. We are nothing without our community, and we will serve it in the best way we know how. I have complete conviction, I am all in, and the team is all in. Don’t trust us, look at the tokenomics to decide for yourself. Thank you for reading this. Thank you especially to those that have supported us this week. It means a lot. We will continue to review the above, particularly the cases around sybils, and get back to building.
English
On FUD.
FUD is an opportunity to either address misunderstandings or to identify mistakes and simply fix them. With every TGE, emotions run hot, as people focus on a single number, the token price, determining one’s feelings. It’s human nature, and because Backpack has such a large community around the world, spanning from advanced traders in Asia, to wallet users on every network, Mad Lad holders around the world, and everyone in between, the TGE is a time where people vocalize their views.
I would like to address several different topics I’ve seen floating around over the past few days to set the record straight and offer my perspective.
- OTC. I can’t believe I have to say this, no, we aren’t OTCing our own tokens to cash out. See the tokenomics. Fake news. End of story. What is true: buyers reached out to me and asked for OTC. I am happy to help buyers find more tokens. Unfortunately, due to the bad history of other crypto projects using OTC to cash out, folks assumed the worst when they saw me post about OTC in discord.
- Mad Lads. All existing Mad Lad holders pre-TGE retain their Backpack VIP status. New holders do not. Some like this, some hate this. I understand both perspectives. My perspective is that Mad Lads has always been an evolution alongside Backpack. We went from the whitelist games inside Backpack => pre-reveal inside Backpack => reveal boss inside Backpack => xNFT inside Backpack => airdrops inside Backpack => VIP points inside Backpack => the BP token. Each one of these stages created a clear path for Mad Lads to get to the next stage, always focusing on long term holders over people that come and go. There are people that follow the path, and people that do not. There are people that evolve with us and people that do not. Our approach from the day Mad Lads was born has always been to focus people on the Backpack product. Naturally, new people came into Mad Lads with their own pre-conceived notion of what it was or what it should be. This creates tension. But we have always had a strong vision and we will always stick to it. The people that use the product always get to the next stage, where every stage answers a single question: how do we push Backpack forward. When designing token utility, it’s a question of economics, and it would be a disservice to BP to not align incentives around it. There’s an additional nuance worth pointing out: Backpack is different from basically every other product that dropped a mined token because we KYC users and are selective about the regions we open up. Those users have been out of the game, so to speak, not because I want to do that–nothing upsets me more than not being able to serve users in a particular region (what founder would want that?)--but it’s because we have chosen the path of building a crypto native financial institution. That path is long and hard. For these users, we have maintained the path to get to the next stage and have communicated that. When we open up regions, these regions will get their drops, and we will be running new campaigns to get more drops just by using the product, and that brings everyone up to speed with the same VIP benefits of the original pre-TGE seasons. For the long term holders, nothing has changed. The key issue is with respect to new NFT holders. Some people will hate this. Some will think it’s sound economics. I understand both perspectives. We are doing what we think is best.
- Sybills. Our goal was to protect retail users competing for points against sophisticated players splitting accounts and giving themselves an unfair advantage over those that don’t. The mistake we made: our process was too black and white. From the team’s point of view, we had a line and we stuck to it. From the community’s point of view, the line is nuanced. We did not sufficiently take that into consideration.
- Price/FDV. With every token comes the human nature to think about the price at all times. There are good ways to think about price and there are clearly illegal ways to think about price. Our position is simple, we are building over a long period of time, and we are not making short term decisions. 24h post-TGE FDV is not a meaningful metric. Even 1 week post-TGE FDV is not a meaningful metric. If you ask anyone that’s ever built anything, they’ll tell you the same. Many people will take issue with that statement, and that’s ok. Ultimately, you have to look at our incentives and decide for yourself. The fact of the matter is that the team and I are incentivized to make Backpack a success with arguably the most extreme tokenomics ever created. What happens if the token goes to zero and stays there? Our company fails, and we get nothing. Some people might rebut saying that we get rich from the company revenue. No. That is simply not how companies work. We don’t get rich from a bad token price. We are punished in the most extreme possible way. And we are rewarded in the most extreme way only if we achieve all of our hopes and dreams. The way it should be. This is by design. Beyond this post you won’t see me talk about price or FDV. You will see me talking about building and creating long term value. And it’s only by doing that, can BP become a success.
Every project goes through trials and tribulations. This is certainly a moment for us. We are nothing without our community, and we will serve it in the best way we know how. I have complete conviction, I am all in, and the team is all in. Don’t trust us, look at the tokenomics to decide for yourself.
Thank you for reading this. Thank you especially to those that have supported us this week. It means a lot. We will continue to review the above, particularly the cases around sybils, and get back to building.
English
SuitUpWebdesign retweetledi
Backpack TL;DR
> be former FTX employees
> learn from SBF mistakes
> launch 67 seasons with points
> get a "unicorn" valuation without actually becoming one
> have a FDV on the lvl of a tier2 shitcoin
> risk your reputation for an $80K manipulation play
> somehow manage to lose $160K instead of turning a profit
> publish a rebuttal (Dubai license is a rather fragile thing)
BagCalls 🎒@BagCalls
Congratulations to @Backpack for owning a fraudaulent KYC exchange where your own MM is being beaten by price manipulators. Unless the MM is the price manipulator themselves. $BP price heavily manipulated at 3 PM EST, test pump to see if it can get above $200M MC for KKStone (the MM themselves?) (a $BP member?) to win his $600,000 bet. He still lost $225,000 so I think this was all just a setup to gain market volume by this CEX This is why Polymarket is the best onchain tool, clear indication of insider trading and proof that your exchange and product is easily taken advantage of, manipulated, and for lack of a better word, useless Was this 15 minutes of fame and insider trading worth the death of the exchange? Easy short setup back to 0 from here Useless TGE, useless airdrop, 3 year project dusted, zero But hey, at least the insiders printed.
English
Do you also feel the FTX vibes from @Backpack ?
Oh, they're from there... Coincidence? I don't think so.
̶f̶o̶c̶k̶ rug it, lmao
Backpack 🎒@Backpack
On Polymarket, This morning, a Polymarket trader held a large open position betting that BP's FDV would exceed $200M one day after TGE. As the resolution window approached and BP was trading around $0.19, it appears certain traders purchased a significant amount of BP tokens in an attempt to push the price above $0.20 and win their Polymarket bet. We investigated immediately. These traders are not insiders. They are not employees, directors, officers, advisors, or in any way affiliated with Backpack. We have zero tolerance for insider trading of any kind.
English
Be BackPack
> milk money from your community for several years
> implement KYC to ensure fewer people receive rewards
> airdrop crumbs to your community
> ruin one of the best NFT collections on Solana
> deceive the community again on Polymarket by buying out the order book, right in front of everyone, and control the desired price minutes before the market ended
> lose trust, but continue to fool everyone by claiming you had nothing to do with it
> be exposed and punished for your dirty tricks
this looks like the worst project of 2026
cryptof4ck@cryptof4ck
The Largest Manipulation in Polymarket's History Thousands of traders were fooled. The market is asking, “Will Backpack's FDV exceed $200M one day after launch?” With 10 minutes left in the event, the price is below 200M FDV, but the probability that the valuation will exceed 200M is still 90%. It seems traders feared manipulation and were right. It all comes down to one trader: KKStone, who bet nearly $1M on 4 events and messed up big time. In an attempt to salvage whatever he could, he likely tricked all the traders by buying up the order book on that shady exchange @Backpack and keeping the price above $0.20 to win the market. Here’s his profile: @KKStone" target="_blank" rel="nofollow noopener">polymarket.com/@KKStone
Immediately after the event ended, the price of the BP token plummeted, dropping more than 5% in 9 minutes. Meanwhile, DexScreener and CoinMarketCap closed the candle at $0.1996, but the resolution will still be positive. If this isn’t the biggest scam in Polymarket history, it’s definitely one of them It would be great if @Andrey_10gwei could break down this case English
@JoestarCrypto Ex FTX people employed might be the real danger here lmao
English
I don’t get why this is surprising
It’s the 14th perps by activity lol
Too many people think it’ll be big just because CT talks about it, but nobody checked the data
Data > CT opinion
Tracey🎒@riggbelva
Can’t believe that Backpack’s FDV is under $200M, what went wrong?
English
@0xCragHack @Backpack They ain‘t gonna do anything. Don‘t forget that this is an ex FTX team full of fraudsters
English
This should be very EASY for you to solve, because this manipulations were on YOUR @Backpack exchange that this specific account was placing those 1-2-3M $BP buy walls at $0.20-0.203.
You have all the data on this person - all their wallets, all their links :)
So if you actually want to DO something about it, you already have the full data set and all the tools to act.
Let’s see how serious you really are about fighting market manipulation.
Backpack 🎒@Backpack
On Polymarket, This morning, a Polymarket trader held a large open position betting that BP's FDV would exceed $200M one day after TGE. As the resolution window approached and BP was trading around $0.19, it appears certain traders purchased a significant amount of BP tokens in an attempt to push the price above $0.20 and win their Polymarket bet. We investigated immediately. These traders are not insiders. They are not employees, directors, officers, advisors, or in any way affiliated with Backpack. We have zero tolerance for insider trading of any kind.
English
One account to trade it all 🎒
Multi-collateral. Cross-margin. Zero friction.
English
@Backpack Crooked exchange does crooked things who would have thought
English
On Polymarket,
This morning, a Polymarket trader held a large open position betting that BP's FDV would exceed $200M one day after TGE. As the resolution window approached and BP was trading around $0.19, it appears certain traders purchased a significant amount of BP tokens in an attempt to push the price above $0.20 and win their Polymarket bet.
We investigated immediately.
These traders are not insiders. They are not employees, directors, officers, advisors, or in any way affiliated with Backpack. We have zero tolerance for insider trading of any kind.
English
@Sakrexer Can‘t wait to see @armaniferrante make a sad post about how he has to fire people of his team because of unforeseen circumstances, the ole eclipse play 😂
English
@Luc100k Don‘t worry buddy your mexc type unicorn will perform their first layoffs soon
English
@SuitUp_Design Please post me your linkedin, so I can invest in your company. Sounds thats going to be a unicorn soon.
English
You get extra yield while trading perps.
Super low fees.
Priority access to IPOs before public trading.
And you can even exchange BP tokens for equity.
Yet some people still ask why the token is not worth $50 billion at launch.
Grow up. In the real world, building wealth takes time, investment, patience, and vision.
Only for those who deserve it.
Are you with me.
LFG!
English
@CryptoDefiLord Further extraction of the community till Armani finally executes Ftx 2.0
English
I have only one question and it is “What will this token be used for?”
You buying this, what are you expecting from it or what could drive the price up in the future?
English
English
"Rate @Backpack airdrop"
10/10. 🕺💃
Perfect execution. 💪
One of the smoothest airdrop mechanics crypto has seen.
• Sybils were punished in full, so they couldn't abuse system
• no liquidity issues - the Liquidity Engine passed the stress test
• clean distribution
• tokens landed directly in accounts and auto-staked, no extra clicks needed
Most importantly, Backpack proved again that an airdrop can be executed without:
• shady claim links
• wallet-drain bait
• bot front-running
• market maker games around distribution
That matters.
Users were protected.
Abusers were filtered.
The system worked.
Study Backpack.
Study how top-tier engineers execute.
Now back to buidling.
🧱 x 🧱
Next level for a reason.
Ferre@FerreWeb3
Rate the Backpack $BP airdrop out of 10. I’ll start: 2/10.
English
SuitUpWebdesign retweetledi
One of the biggest scams lately: @Backpack.
I’ve been holding Madlads for 2 years. Bought at $8K.
Now it’s worth $1K.
.But the team hasn’t been holding Madlads for 2 years.They kept saying “our priority is the Backpack exchange” and pushed it to the background.
They focused on the exchange, spent all resources on it, and it turned into years of farming.
The result? Disappointment.
$BP is worthless, everyone is at a loss.
Madlads holders were already fucked only 1% of the token was allocated to holders.
That equals around 1K $BP… probably not even worth $100.
@armaniferrante fucked the community first.
Now he fucked the users too.
Thanks for playing.
English