Audit log

Every state-changing event for Backpack: moderation decisions on community submissions, plus corrections and updates from the news pipeline. URL-based decisions carry three independent witnesses — the original source, an Internet Archive snapshot taken at submission time, and a Solana memo signed by our publicly-disclosed publisher key.

1. #1publishby system:backfill

   2026-05-31 20:27:52Z
   Score: ? → ? (no score change)
   anchoranchored

   chain

   ●mainnet-betaslot 423,446,804

   sig

   GfVK2w5MTW8t…6svtxhVccopyexplorer ↗

   hash

   5dA2bV3XtrtQ…299TWT4gcopysha256 → base58

   verifying row…full verify ↗

   canonical bytes (28441 B) ▸

   {"actor":"system:backfill","investigation_id":"74427b27-f625-43b5-94a9-e69755e97013","kind":"publish","page_slug":"backpack","published_at":"2026-05-31T20:27:52.473Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"Backpack","sections":[{"content":"Backpack was founded in April 2022 under the parent entity Coral — the same organization that created the Anchor developer framework for Solana. The company is operationally structured around three products: the Backpack multi-chain self-custody wallet, Backpack Exchange (the centralized trading venue incorporated as Trek Labs Ltd FZE in Dubai), and the Mad Lads NFT collection on Solana, which introduced the xNFT (executable NFT) standard. The company raised a $17 million Series A in February 2024 led by Placeholder VC, with participation from Jump Crypto, Hashed, Amber Group, Wintermute, Robot Ventures, Delphi Digital, and Selini Capital, at a $120 million valuation. As of February 2026, Backpack was reportedly in discussions to raise approximately $50 million at a $1 billion pre-money valuation, reportedly achieving unicorn status.","heading":"Company Overview and Background","severity":"low","sources":[{"credibility":1,"name":"Solana Veterans Raise $17M for Backpack Crypto Wallet, Exchange — CoinDesk","type":"news_article","url":"https://www.coindesk.com/business/2024/02/28/solana-veterans-raise-17m-for-backpack-crypto-wallet-exchange"},{"credibility":1,"name":"Scoop: Backpack Exchange raising at $1B valuation — Axios","type":"news_article","url":"https://www.axios.com/pro/fintech-deals/2026/02/09/backpack-exchange-50m-raise-unicorn-valuation"},{"credibility":1,"name":"Backpack exchange reaches $1 billion unicorn valuation — The Block","type":"news_article","url":"https://www.theblock.co/post/389141/backpack-exchange-1-billion-unicorn-valuation-tokenization-push-axios"}]},{"content":"Armani Ferrante, CEO and co-founder, was an early hire at Alameda Research in 2018 (approximately three months before the firm's official launch) and briefly returned in September 2020 to work on Solana-based projects including Serum. He left Alameda well before FTX's collapse and has publicly described his experience there as a 'guiding light for what not to do.' In January 2025, Ferrante publicly refuted social media allegations that he had prior knowledge of FTX's fraudulent activities. Tristan Yver, co-founder, served as Head of Strategy at FTX US, departing in May 2022 — approximately six months before FTX's November 2022 collapse. He joined FTX in an early operational role when the firm had approximately 15 employees and rose through strategy and content roles. Can Sun, the former general counsel of FTX who testified against Sam Bankman-Fried under a no-prosecution agreement, co-founded Trek Labs (the Dubai legal entity operating Backpack Exchange) with Ferrante. Sun testified that he resigned from FTX the day after learning of the balance-sheet shortfall. In September 2022, Coral raised $20 million in a strategic round led by FTX Ventures and Jump Crypto, meaning FTX was an early institutional investor. When FTX collapsed in November 2022, Backpack lost approximately $14.5 million — reported as 88% of its operating funds — in the FTX bankruptcy.","heading":"Founders' FTX and Alameda Research History","severity":"medium","sources":[{"credibility":1,"name":"FTX's collapse forced this startup into 'cockroach mode' — The Block","type":"news_article","url":"https://www.theblock.co/post/227170/ftx-funded-startup"},{"credibility":1,"name":"Former FTX general counsel who testified against SBF to lead new exchange Backpack — The Block","type":"news_article","url":"https://www.theblock.co/post/262701/former-ftx-general-counsel-who-testified-against-sbf-to-lead-new-exchange-backpack-wsj"},{"credibility":1,"name":"Former FTX, Alameda Executives to Start New Crypto Exchange — CoinDesk","type":"news_article","url":"https://www.coindesk.com/business/2023/11/13/former-ftx-executives-to-start-new-crypto-exchange-wsj"},{"credibility":2,"name":"Coral Closes $20M Strategic Round From FTX Ventures and Jump Crypto — PR Newswire","type":"news_article","url":"https://www.prnewswire.com/news-releases/coral-closes-20m-strategic-round-from-ftx-ventures-and-jump-crypto-to-build-backpack-an-application-first-portal-to-crypto-301635394.html"},{"credibility":2,"name":"Armani Ferrante — IQ.wiki","type":"other","url":"https://iq.wiki/wiki/armani-ferrante"}]},{"content":"Backpack Exchange, operating as Trek Labs Ltd FZE, received a Virtual Asset Service Provider (VASP) Exchange Services License from the Dubai Virtual Assets Regulatory Authority (VARA) on October 31, 2023 (License No. VL/23/07/001). VARA is a purpose-built independent virtual asset regulator in the UAE and is considered a legitimate regulatory framework. The exchange's VARA license covers only Backpack Exchange and not the Backpack wallet or other products. In January 2025, Backpack completed the acquisition of FTX EU for $32.7 million, gaining a MiFID II license regulated by the Cyprus Securities and Exchange Commission (CySEC). This acquisition gave Backpack the ability to offer regulated perpetual futures across Europe, which it positions as a unique offering. The exchange launched Backpack EU in mid-2025, self-describing it as the only regulated perpetual futures provider across the EU. Perpetual futures are not available to users in the US, Canada, the UK, or most of the EU outside the MiFID II framework. The exchange offers spot trading in eleven US states as of February 2024 but does not hold any US federal regulatory registration (such as a CFTC license or SEC registration) for derivatives. Backpack has publicly stated its intention to go public in the US and is in the process of obtaining money-transmitter licenses for broader US expansion.","heading":"Regulatory Status: VARA Dubai and MiFID II Europe","severity":"medium","sources":[{"credibility":1,"name":"Backpack announces launch of cryptocurrency exchange; VARA VASP License — PR Newswire","type":"regulatory","url":"https://www.prnewswire.com/news-releases/backpack-announces-launch-of-cryptocurrency-exchange-backpack-exchange-receives-approval-for-vasp-license-from-the-dubai-virtual-asset-regulatory-authority-301972208.html"},{"credibility":1,"name":"VARA License Information — Backpack Exchange Support","type":"official","url":"https://support.backpack.exchange/legal/vara-disclosures/vara-license-information"},{"credibility":1,"name":"Backpack launching cryptocurrency exchange with Dubai license — The Block","type":"news_article","url":"https://www.theblock.co/post/260114/backpack-launching-cryptocurrency-exchange-with-dubai-license"},{"credibility":1,"name":"FTX EU Sold to Backpack Exchange, Plans Regulated Crypto Derivatives Push Across Europe — CoinDesk","type":"news_article","url":"https://www.coindesk.com/business/2025/01/07/ftx-eu-sold-to-backpack-exchange-plans-regulated-crypto-derivatives-push-across-europe"},{"credibility":2,"name":"Backpack acquires FTX EU, plans expansion across Europe — Invezz","type":"news_article","url":"https://invezz.com/news/2025/01/20/backpack-acquires-ftx-eu-plans-expansion-across-europe/"}]},{"content":"On January 7, 2025, Backpack publicly announced the acquisition of FTX EU. Two days later, the FTX bankruptcy estate issued a statement asserting the announcement was 'issued without the knowledge or involvement of FTX' and that 'Backpack has not been authorized by FTX to make any distributions to any FTX customers or other creditors.' The dispute arose from the chain of ownership: the US bankruptcy court had approved FTX EU's sale to former FTX insiders Patrick Gruhn and Robin Matzke in 2024, who then sold the entity to Backpack in June 2024. Backpack maintains that the transaction was fully reflected in German court records and that CySEC approved the change of control in December 2024 after a 'lengthy diligence process.' Gruhn stated publicly that he initiated the regulatory change-of-control proceeding himself. CoinTelegraph reported that FTX creditor activist Sunil Kavuri described the situation as causing 'confusion and nervousness among FTX EU customers.' Despite the dispute, Backpack proceeded to open the claims process for approximately 110,000 former FTX EU customers in April 2025, with €55 million earmarked for repayments. As of May 2025, eligible users could begin withdrawing funds. Backpack EU subsequently launched regulated perpetual futures after completing the repayment process.","heading":"FTX EU Acquisition Dispute with FTX Bankruptcy Estate","severity":"high","sources":[{"credibility":1,"name":"FTX Bankruptcy Estate Hits Out Over 'Unauthorized' Sale of FTX EU to Backpack Exchange — CoinDesk","type":"news_article","url":"https://www.coindesk.com/business/2025/01/09/ftx-bankruptcy-estate-hits-out-over-unauthorized-sale-of-ftx-eu-to-backpack-exchange"},{"credibility":1,"name":"Backpack Exchange and FTX clash over FTX EU ownership — CoinTelegraph","type":"news_article","url":"https://cointelegraph.com/news/backpack-exchange-and-ftx-clash-over-ftx-eu-ownership"},{"credibility":1,"name":"Backpack Responds to FTX Statement — PR Newswire","type":"official","url":"https://www.prnewswire.com/news-releases/backpack-responds-to-ftx-statement-302346689.html"},{"credibility":2,"name":"Backpack EU Launches after Fulfilling Promise to Refund Ex-FTX Customers — Finance Magnates","type":"news_article","url":"https://www.financemagnates.com/cryptocurrency/backpack-eu-launches-after-fulfilling-promise-to-refund-ex-ftx-customers/"},{"credibility":2,"name":"FTX EU Clients Can Now Reclaim Funds via Backpack — Crypto Times","type":"news_article","url":"https://www.cryptotimes.io/2025/05/12/ftx-eu-clients-can-now-reclaim-funds-via-backpack/"}]},{"content":"Backpack Exchange has implemented several technical security measures that set it apart from many contemporary centralized exchanges. The platform uses Multi-Party Computation (MPC) for custody, designed to eliminate single points of failure in asset custody, and incorporates zero-knowledge proof of reserves (zk-PoR) using Plonky2 zero-knowledge proofs. Starting August 18, 2025, Backpack began publishing daily proof-of-reserves reports verified by blockchain security firm OtterSec, compared to an industry standard of approximately monthly disclosures. The system generates internal reconciliation every ten minutes and covers spot, margin, and unrealized PnL balances. The exchange's reserve ratio has been publicly reported above 100%, indicating customer assets are fully backed. As of the time of investigation, no major security breaches or exchange hacks involving loss of user funds have been publicly reported. The Backpack wallet (separate from the exchange) includes sandboxed xNFT execution environments and a scam detection system. However, users have reported isolated instances of transaction errors, including at least one incident where an application bug truncated wallet addresses. The exchange has not published a comprehensive external smart contract audit for its core exchange infrastructure beyond the OtterSec proof-of-reserves collaboration.","heading":"Security Architecture and Proof of Reserves","severity":"low","sources":[{"credibility":2,"name":"Proof of Reserves at Backpack Exchange: Real Transparency, ZK Verified — Backpack Learn","type":"official","url":"https://learn.backpack.exchange/articles/proof-of-reserves-at-backpack"},{"credibility":2,"name":"Backpack Exchange Launches Daily Proof of Reserves Verified by OtterSec — CryptoNews","type":"news_article","url":"https://cryptonews.net/news/market/31455225/"},{"credibility":2,"name":"Is Backpack Exchange Safe? (2026 Security Review) — CoinLedger","type":"research","url":"https://coinledger.io/learn/is-backpack-exchange-safe"},{"credibility":3,"name":"Backpack announces launch of new crypto exchange — Arabian Post / Medium","type":"news_article","url":"https://medium.com/arabianpost/backpack-announces-launch-of-new-crypto-exchange-7550d5aadd55"}]},{"content":"Backpack launched its native exchange token $BP on March 23, 2026, with a Token Generation Event (TGE) distributing 25% of the one billion hard-capped supply directly to users as an airdrop, with no allocation to founders, employees, or venture investors at TGE. The remaining supply is tied to long-term lockups linked to company milestones and a potential IPO. BP reached an all-time high of approximately $0.45 before declining more than 60% from peak shortly after launch, drawing community allegations of insider selling and market manipulation. CEO Armani Ferrante denied that team members or insiders engaged in OTC token sales, stating he had been approached with OTC offers but declined. A separate incident involved an unaffiliated trader attempting to manipulate BP token prices on the prediction platform Polymarket; Backpack stated this actor had no connection to the company. Backpack additionally acknowledged that its Sybil-filtering process — designed to exclude airdrop farming — was 'too rigid,' inadvertently excluding some legitimate users, particularly in China. A unique tokenomics feature allows users who stake $BP for a minimum of one year to convert their tokens into Backpack company equity, with up to 20% of the company earmarked for such conversions. Backpack has also announced plans for a public listing in the US and an on-chain IPO access product.","heading":"BP Token Launch and Post-TGE Controversy","severity":"medium","sources":[{"credibility":2,"name":"Backpack knocks back FUD allegations as BP drops by over 60% post-launch — CryptoRank","type":"news_article","url":"https://cryptorank.io/news/feed/a084a-backpack-fud-bp-drops-post-launch"},{"credibility":2,"name":"Backpack Founder Responds to $BP Token FUD After TGE — Live Bitcoin News","type":"news_article","url":"https://www.livebitcoinnews.com/backpack-founder-addresses-tge-fud-denies-otc-claims/"},{"credibility":2,"name":"Backpack Token Ticker Confirmed: $BP — Backpack Learn","type":"official","url":"https://learn.backpack.exchange/blog/backpack-token-ticker-bp"},{"credibility":2,"name":"The Legal Strategy Behind Crypto Exchange Backpack's Token-to-Equity Program — Decrypt","type":"news_article","url":"https://decrypt.co/359510/legal-strategy-behind-crypto-exchange-backpack-token-equity-program"},{"credibility":2,"name":"Backpack TGE: Date, Distribution, Tokenomics & Equity Staking Explained — Backpack Learn","type":"official","url":"https://learn.backpack.exchange/articles/backpack-tge"}]},{"content":"Mad Lads is a 10,000-piece NFT collection on Solana launched in April 2023, which serves as a flagship community product for the Backpack ecosystem. The collection was designed as the world's first xNFT collection and holders received a dedicated 10,000,000 BP tokens at the March 2026 TGE. Mad Lads reached all-time-high floor prices multiple times in 2024, coinciding with positive news events such as exchange launch milestones and the FTX EU acquisition announcement, suggesting correlated speculative behavior between the NFT collection and the broader Backpack product narrative. The collection topped NFT volume charts across all chains in its first week following launch. As with most NFT collections, secondary market prices are volatile and speculative, and investor returns are not guaranteed.","heading":"Mad Lads NFT Collection","severity":"low","sources":[{"credibility":2,"name":"Mad Lads NFTs Hit All-Time High as Backpack Taps FTX Lawyer for Exchange Launch — Decrypt","type":"news_article","url":"https://decrypt.co/205890/mad-lads-nfts-all-time-high-backpack-ftx-lawyer-exchange"},{"credibility":2,"name":"Mad Lads Solana NFTs Gain After Parent Firm Backpack Hints at Acquiring FTX Europe — Decrypt","type":"news_article","url":"https://decrypt.co/299906/mad-lads-solana-nfts-gain-backpack-ftx-europe"}]},{"content":"Backpack Exchange's perpetual futures product is explicitly unavailable to users in the US, Canada, the UK, and most EU countries outside the Backpack EU MiFID II framework. Spot trading was made available in eleven US states beginning in February 2024 (including California and Colorado), contingent on state-level money-transmitter licensing. Backpack does not hold any CFTC registration or SEC registration in the US, and as such, does not offer derivatives to US users. The company has stated its intention to pursue a US IPO and broader US market entry, which would require additional regulatory approvals. The VARA license covers only the Dubai-incorporated exchange entity. Users accessing Backpack Exchange from jurisdictions where it is not licensed bear residual regulatory and counterparty risk.","heading":"Geographic Restrictions and US Regulatory Exposure","severity":"medium","sources":[{"credibility":1,"name":"Supported Regions — Backpack Exchange Support","type":"official","url":"https://support.backpack.exchange/exchange/exchange-account/identity-verification/supported-regions"},{"credibility":2,"name":"Backpack Crypto Exchange to Debut in Many US States This Year: CEO — Decrypt","type":"news_article","url":"https://decrypt.co/338813/backpack-exchange-debut-many-u-s-states-ceo"}]}],"sources_used":[{"credibility":1,"name":"Solana Veterans Raise $17M for Backpack Crypto Wallet, Exchange — CoinDesk","type":"news_article","url":"https://www.coindesk.com/business/2024/02/28/solana-veterans-raise-17m-for-backpack-crypto-wallet-exchange"},{"credibility":1,"name":"Backpack launches cryptocurrency exchange with Dubai license — The Block","type":"news_article","url":"https://www.theblock.co/post/260114/backpack-launching-cryptocurrency-exchange-with-dubai-license"},{"credibility":1,"name":"FTX EU Sold to Backpack Exchange — CoinDesk","type":"news_article","url":"https://www.coindesk.com/business/2025/01/07/ftx-eu-sold-to-backpack-exchange-plans-regulated-crypto-derivatives-push-across-europe"},{"credibility":1,"name":"FTX Bankruptcy Estate Hits Out Over Unauthorized Sale of FTX EU — CoinDesk","type":"news_article","url":"https://www.coindesk.com/business/2025/01/09/ftx-bankruptcy-estate-hits-out-over-unauthorized-sale-of-ftx-eu-to-backpack-exchange"},{"credibility":1,"name":"Former FTX general counsel who testified against SBF to lead new exchange Backpack — The Block","type":"news_article","url":"https://www.theblock.co/post/262701/former-ftx-general-counsel-who-testified-against-sbf-to-lead-new-exchange-backpack-wsj"},{"credibility":1,"name":"Former FTX, Alameda Executives to Start New Crypto Exchange — CoinDesk","type":"news_article","url":"https://www.coindesk.com/business/2023/11/13/former-ftx-executives-to-start-new-crypto-exchange-wsj"},{"credibility":1,"name":"FTX EU acquired by Backpack Exchange — The Block","type":"news_article","url":"https://www.theblock.co/post/333308/ftx-eu-acquired-by-backpack-exchange-an-exchange-founded-by-previous-ftx-and-alameda-employees"},{"credibility":1,"name":"Backpack exchange reaches $1 billion unicorn valuation — The Block","type":"news_article","url":"https://www.theblock.co/post/389141/backpack-exchange-1-billion-unicorn-valuation-tokenization-push-axios"},{"credibility":1,"name":"Scoop: Backpack Exchange raising at $1B valuation — Axios","type":"news_article","url":"https://www.axios.com/pro/fintech-deals/2026/02/09/backpack-exchange-50m-raise-unicorn-valuation"},{"credibility":1,"name":"Backpack VARA VASP License Announcement — PR Newswire","type":"regulatory","url":"https://www.prnewswire.com/news-releases/backpack-announces-launch-of-cryptocurrency-exchange-backpack-exchange-receives-approval-for-vasp-license-from-the-dubai-virtual-asset-regulatory-authority-301972208.html"},{"credibility":1,"name":"Backpack Responds to FTX Statement — PR Newswire","type":"official","url":"https://www.prnewswire.com/news-releases/backpack-responds-to-ftx-statement-302346689.html"},{"credibility":2,"name":"Coral Closes $20M Round From FTX Ventures and Jump Crypto — PR Newswire","type":"news_article","url":"https://www.prnewswire.com/news-releases/coral-closes-20m-strategic-round-from-ftx-ventures-and-jump-crypto-to-build-backpack-an-application-first-portal-to-crypto-301635394.html"},{"credibility":2,"name":"Backpack acquires FTX EU and its 110K former users — Blockworks","type":"news_article","url":"https://blockworks.co/news/backpack-wallet-acquires-ftx-eu"},{"credibility":1,"name":"Backpack Exchange and FTX clash over FTX EU ownership — CoinTelegraph","type":"news_article","url":"https://cointelegraph.com/news/backpack-exchange-and-ftx-clash-over-ftx-eu-ownership"},{"credibility":2,"name":"Backpack EU Launches after Fulfilling Promise to Refund Ex-FTX Customers — Finance Magnates","type":"news_article","url":"https://www.financemagnates.com/cryptocurrency/backpack-eu-launches-after-fulfilling-promise-to-refund-ex-ftx-customers/"},{"credibility":2,"name":"Backpack Exchange Launches Daily Proof of Reserves Verified by OtterSec — CryptoNews","type":"news_article","url":"https://cryptonews.net/news/market/31455225/"},{"credibility":2,"name":"Proof of Reserves at Backpack Exchange — Backpack Learn","type":"official","url":"https://learn.backpack.exchange/articles/proof-of-reserves-at-backpack"},{"credibility":2,"name":"Backpack knocks back FUD as BP drops over 60% post-launch — CryptoRank","type":"news_article","url":"https://cryptorank.io/news/feed/a084a-backpack-fud-bp-drops-post-launch"},{"credibility":2,"name":"Backpack Founder Responds to $BP Token FUD After TGE — Live Bitcoin News","type":"news_article","url":"https://www.livebitcoinnews.com/backpack-founder-addresses-tge-fud-denies-otc-claims/"},{"credibility":1,"name":"VARA License Information — Backpack Exchange Support","type":"official","url":"https://support.backpack.exchange/legal/vara-disclosures/vara-license-information"},{"credibility":2,"name":"FTX EU Clients Can Now Reclaim Funds via Backpack — Crypto Times","type":"news_article","url":"https://www.cryptotimes.io/2025/05/12/ftx-eu-clients-can-now-reclaim-funds-via-backpack/"},{"credibility":2,"name":"Mad Lads NFTs Hit All-Time High as Backpack Taps FTX Lawyer for Exchange Launch — Decrypt","type":"news_article","url":"https://decrypt.co/205890/mad-lads-nfts-all-time-high-backpack-ftx-lawyer-exchange"},{"credibility":2,"name":"Is Backpack Exchange Safe? (2026 Security Review) — CoinLedger","type":"research","url":"https://coinledger.io/learn/is-backpack-exchange-safe"},{"credibility":2,"name":"Armani Ferrante — IQ.wiki","type":"other","url":"https://iq.wiki/wiki/armani-ferrante"},{"credibility":1,"name":"FTX's collapse forced this startup into cockroach mode — The Block","type":"news_article","url":"https://www.theblock.co/post/227170/ftx-funded-startup"}],"summary":"Backpack is a Solana-ecosystem crypto wallet and centralized exchange (operating as Trek Labs Ltd FZE) founded in 2022 by Armani Ferrante and Tristan Yver, both veterans of the FTX and Alameda Research organizations prior to those firms' 2022 collapse. The exchange holds a VARA VASP license in Dubai and a MiFID II license (via acquisition of FTX EU from CySEC in January 2025), has published daily zero-knowledge proof-of-reserves since August 2025, and raised funding at a reported $1 billion valuation in early 2026. Key risk signals include the founders' FTX-era history, a contested FTX EU acquisition that drew a public rebuke from the FTX bankruptcy estate, a 60-plus percent post-TGE collapse of its native BP token, and ongoing US regulatory limitations.","timeline":[{"date":"2018-01-01","event":"Armani Ferrante joins Alameda Research as an early hire, departing after approximately three months.","source":"IQ.wiki — Armani Ferrante profile","source_url":"https://iq.wiki/wiki/armani-ferrante"},{"date":"2022-04-01","event":"Coral (later Backpack) founded by Armani Ferrante; Tristan Yver departs FTX US in May 2022.","source":"CoinDesk — Solana Veterans Raise $17M","source_url":"https://www.coindesk.com/business/2024/02/28/solana-veterans-raise-17m-for-backpack-crypto-wallet-exchange"},{"date":"2022-09-28","event":"Coral raises $20 million strategic round co-led by FTX Ventures and Jump Crypto.","source":"PR Newswire — Coral $20M round","source_url":"https://www.prnewswire.com/news-releases/coral-closes-20m-strategic-round-from-ftx-ventures-and-jump-crypto-to-build-backpack-an-application-first-portal-to-crypto-301635394.html"},{"date":"2022-11-11","event":"FTX collapses; Backpack alleges it lost approximately $14.5 million (88% of operating funds) in the bankruptcy.","source":"The Block — FTX-funded startup cockroach mode","source_url":"https://www.theblock.co/post/227170/ftx-funded-startup"},{"date":"2023-04-01","event":"Mad Lads NFT collection launches on Solana, topping NFT volume charts in its first week.","source":"Decrypt — Mad Lads NFTs All-Time High","source_url":"https://decrypt.co/205890/mad-lads-nfts-all-time-high-backpack-ftx-lawyer-exchange"},{"date":"2023-10-31","event":"Trek Labs Ltd FZE receives VARA VASP Exchange Services License (No. VL/23/07/001) in Dubai.","source":"PR Newswire — Backpack VARA license announcement","source_url":"https://www.prnewswire.com/news-releases/backpack-announces-launch-of-cryptocurrency-exchange-backpack-exchange-receives-approval-for-vasp-license-from-the-dubai-virtual-asset-regulatory-authority-301972208.html"},{"date":"2023-11-13","event":"WSJ / CoinDesk report that former FTX general counsel Can Sun will co-found Trek Labs / lead Backpack Exchange.","source":"CoinDesk — Former FTX Executives to Start New Crypto Exchange","source_url":"https://www.coindesk.com/business/2023/11/13/former-ftx-executives-to-start-new-crypto-exchange-wsj"},{"date":"2024-02-28","event":"Backpack raises $17 million Series A led by Placeholder VC at a $120 million valuation.","source":"CoinDesk — Solana Veterans Raise $17M","source_url":"https://www.coindesk.com/business/2024/02/28/solana-veterans-raise-17m-for-backpack-crypto-wallet-exchange"},{"date":"2025-01-07","event":"Backpack announces the acquisition of FTX EU (from prior owners Gruhn and Matzke) for $32.7 million, gaining a CySEC MiFID II license and 110,000 former user accounts.","source":"CoinDesk — FTX EU Sold to Backpack Exchange","source_url":"https://www.coindesk.com/business/2025/01/07/ftx-eu-sold-to-backpack-exchange-plans-regulated-crypto-derivatives-push-across-europe"},{"date":"2025-01-09","event":"FTX bankruptcy estate publicly disputes the acquisition, calling the announcement 'unauthorized' and stating Backpack has no authorization to distribute funds to FTX customers.","source":"CoinDesk — FTX Estate Hits Out Over Unauthorized Sale","source_url":"https://www.coindesk.com/business/2025/01/09/ftx-bankruptcy-estate-hits-out-over-unauthorized-sale-of-ftx-eu-to-backpack-exchange"},{"date":"2025-04-01","event":"Backpack opens the first phase of the FTX EU claims process for approximately 110,000 former users.","source":"Backpack Learn — Claims Process Blog","source_url":"https://learn.backpack.exchange/blog/backpack-exchange-opens-claims-process-for-former-ftx-eu-customers"},{"date":"2025-05-12","event":"Eligible former FTX EU users can begin withdrawing from €55 million Backpack earmarked for repayments.","source":"Crypto Times — FTX EU Clients Can Now Reclaim Funds via Backpack","source_url":"https://www.cryptotimes.io/2025/05/12/ftx-eu-clients-can-now-reclaim-funds-via-backpack/"},{"date":"2025-08-18","event":"Backpack begins publishing daily zero-knowledge proof-of-reserves verified by OtterSec.","source":"CryptoNews — Backpack Exchange Launches Daily Proof of Reserves Verified by OtterSec","source_url":"https://cryptonews.net/news/market/31455225/"},{"date":"2026-02-09","event":"Axios reports Backpack is in discussions to raise approximately $50 million at a $1 billion pre-money valuation.","source":"Axios — Backpack Exchange raising at $1B valuation","source_url":"https://www.axios.com/pro/fintech-deals/2026/02/09/backpack-exchange-50m-raise-unicorn-valuation"},{"date":"2026-03-23","event":"$BP token TGE launches; 25% of 1 billion supply airdropped to users. Token reaches ~$0.45 ATH before declining more than 60%, prompting community allegations of insider selling that Ferrante publicly denied.","source":"CryptoRank — Backpack knocks back FUD as BP drops over 60%","source_url":"https://cryptorank.io/news/feed/a084a-backpack-fud-bp-drops-post-launch"}]},"v":1}

   Verify offline (run on your own machine)

   python -m src.verify_decision 01806c9b-c25f-4763-9bd9-6244d8de94f7copy
2. #2reviewby reviewerreviewer

   2026-06-01 00:21:12Z
   Score: 62 → 62 (no score change)
   The Backpack investigation page is well-sourced and factually accurate on its major claims. Four claims are partially supported: Jump Crypto is incorrectly listed as a Series A investor (it participated in the 2022 Coral round only); the FTX EU acquisition date framing understates that the underlying deal closed in June 2024; the Backpack EU launch is dated 'mid-2025' when it actually launched September 8, 2025; and the 'only regulated perpetual futures provider in Europe' claim was contradicted by Ferrante himself citing Kraken as a co-provider. The BP token ATH figure of '$0.45' is consistent with CoinGecko data but disputed by other aggregators. No claims were directly contradicted by a more credible source, and no link rot was detected among checked URLs.
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   ●mainnet-betaslot 423,482,153

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   2uJ2mXakHcdn…e7AT98Gicopyexplorer ↗

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   BYbrFdemMCkJ…sJkxi5aocopysha256 → base58

   verifying row…full verify ↗

   canonical bytes (1113 B) ▸

   {"actor":"reviewer","decided_at":"2026-06-01T00:21:12.149Z","decision":"review","investigation_id":"74427b27-f625-43b5-94a9-e69755e97013","new_score":62,"page_slug":"backpack","prev_score":62,"reason":"The Backpack investigation page is well-sourced and factually accurate on its major claims. Four claims are partially supported: Jump Crypto is incorrectly listed as a Series A investor (it participated in the 2022 Coral round only); the FTX EU acquisition date framing understates that the underlying deal closed in June 2024; the Backpack EU launch is dated 'mid-2025' when it actually launched September 8, 2025; and the 'only regulated perpetual futures provider in Europe' claim was contradicted by Ferrante himself citing Kraken as a co-provider. The BP token ATH figure of '$0.45' is consistent with CoinGecko data but disputed by other aggregators. No claims were directly contradicted by a more credible source, and no link rot was detected among checked URLs.","score_delta":0,"sequence_num":2,"submission_content_hash":null,"submission_id":null,"submission_kind":null,"submission_valence":null,"v":1}

   Verify offline (run on your own machine)

   python -m src.verify_decision a97ca8d2-17a2-4eea-b851-b947fb4dea14copy
3. #3review approveby judgejudge

   2026-06-01 00:21:12Z
   Score: 62 → 59 (-3)
   The reviewer confirmed 25 of 30 claims outright, with zero directly disputed findings and a computed disputed_pct of 3.3%, well within the approval band. Four claims are partially supported: claim_findings[3] incorrectly attributes Jump Crypto to the 2024 Series A when it was a 2022 Coral investor; claim_findings[15] overstates the FTX EU acquisition completion as 'January 2025' when the underlying deal closed in June 2024; claim_findings[16] misdates the Backpack EU launch as 'mid-2025' when CoinDesk and PR Newswire confirm September 8, 2025; and claim_findings[16] also overstates Backpack EU as the 'only' regulated perpetual futures provider when the CEO himself acknowledged Kraken as a co-provider. These are peripheral details — none undermine the page's core risk narrative — and the reviewer's confidence is high at 0.88. A small score reduction reflects the four correctible inaccuracies. One high-priority coverage gap (FTX EU estate dispute resolution outcome) remains open and warrants future expansion but does not affect the current verdict.
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   ●mainnet-betaslot 423,482,169

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   2EQkhUfQaH7M…kfVw6bjQcopyexplorer ↗

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   verifying row…full verify ↗

   canonical bytes (1412 B) ▸

   {"actor":"judge","decided_at":"2026-06-01T00:21:12.149Z","decision":"review_approve","investigation_id":"74427b27-f625-43b5-94a9-e69755e97013","new_score":59,"page_slug":"backpack","prev_score":62,"reason":"The reviewer confirmed 25 of 30 claims outright, with zero directly disputed findings and a computed disputed_pct of 3.3%, well within the approval band. Four claims are partially supported: claim_findings[3] incorrectly attributes Jump Crypto to the 2024 Series A when it was a 2022 Coral investor; claim_findings[15] overstates the FTX EU acquisition completion as 'January 2025' when the underlying deal closed in June 2024; claim_findings[16] misdates the Backpack EU launch as 'mid-2025' when CoinDesk and PR Newswire confirm September 8, 2025; and claim_findings[16] also overstates Backpack EU as the 'only' regulated perpetual futures provider when the CEO himself acknowledged Kraken as a co-provider. These are peripheral details — none undermine the page's core risk narrative — and the reviewer's confidence is high at 0.88. A small score reduction reflects the four correctible inaccuracies. One high-priority coverage gap (FTX EU estate dispute resolution outcome) remains open and warrants future expansion but does not affect the current verdict.","score_delta":-3,"sequence_num":3,"submission_content_hash":null,"submission_id":null,"submission_kind":null,"submission_valence":null,"v":1}

   Verify offline (run on your own machine)

   python -m src.verify_decision d12b5725-2a48-4607-950e-ace534d4180ecopy