Audit log

Every state-changing event for Madlads: 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

   2026-05-14 06:03:13Z
   Score: ? → ? (no score change)
   anchoranchored

   chain

   ●mainnet-betaslot 419,629,119

   sig

   5pshfTQkmrjx…cQmTx4WRcopyexplorer ↗

   hash

   5GhrXhg1aAwN…HUuckJLScopysha256 → base58

   verifying row…full verify ↗

   canonical bytes (12485 B) ▸

   {"actor":"system:backfill","investigation_id":"42e6f3f7-8b37-4208-b87b-af8d856cb498","kind":"publish","page_slug":"madlads","published_at":"2026-05-14T06:03:13.862Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"Madlads","sections":[{"content":"<cite index=\"2-3,31-8,31-9\">The project was created by Armani Ferrante and Tristan Yver, who both previously worked at FTX before launching Mad Lads. Ferrante was an early hire at the now-defunct Alameda Research, spending three months there before it officially launched in 2018, then returning briefly in September 2020 to work on Solana projects like Serum.</cite> <cite index=\"12-6,14-3\">Both founders left FTX/Alameda before the firms collapsed, with Yver serving as head of strategy at FTX US before leaving the company in May 2022.</cite> <cite index=\"13-5,16-11\">When FTX collapsed, Coral lost approximately $14.5 million - the entirety of FTX's investment from their $20 million strategic funding round.</cite>","heading":"Leadership Background and FTX Connections","severity":"medium","sources":[{"credibility":2,"name":"Phantom Learn: Mad Lads NFT deep dive","type":"research","url":"https://phantom.com/learn/crypto-101/mad-lads-nft"},{"credibility":2,"name":"Cointelegraph Magazine: Ex-Alameda hire on 'pressure' to not blow up Backpack exchange","type":"news_article","url":"https://cointelegraph.com/magazine/former-alameda-research-backpack-founder-armani-ferrante-hall-of-flame/"},{"credibility":2,"name":"The Block: FTX's collapse forced this startup into 'cockroach mode'","type":"news_article","url":"https://www.theblock.co/post/227170/ftx-funded-startup"}]},{"content":"<cite index=\"5-4,5-5\">The April 20, 2023 mint faced significant challenges when bots overwhelmed the initial drop, forcing a 24-hour delay. The team reported experiencing extortion threats and DDOS attacks while trying to mitigate the issues.</cite> <cite index=\"22-9,22-10\">In response, the Mad Lads team created a sophisticated honeypot strategy, deploying two versions of the minting application - one legitimate and another that pointed to a fake contract designed to trick botters into spending SOL on worthless NFTs. The fake contract collected over $250,000 worth of SOL.</cite> <cite index=\"21-20,21-21,22-12\">While the honeypot successfully deterred bots, some legitimate users were accidentally caught in the fake mint, though all affected users received full refunds within hours.</cite>","heading":"Launch Controversies and Bot Mitigation","severity":"medium","sources":[{"credibility":2,"name":"NFTNow: A Guide to Mad Lads: Everything to Know About the Solana Project","type":"research","url":"https://nftnow.com/features/mad-lads-what-to-know-about-the-project-reviving-solana/"},{"credibility":2,"name":"Decrypt: 'Honeypot Bitch': How Mad Lads Tricked Bots Into Spending $250K on Fake NFTs","type":"news_article","url":"https://decrypt.co/137730/honeypot-bitch-how-mad-lads-tricked-bots-spending-250k-fake-nfts"},{"credibility":2,"name":"NFT Lately: Mad Lads Tricks Schemers into Splurging $250K on Fake NFTs","type":"research","url":"https://nftlately.com/mad-lads-tricks-schemers-into-splurging-250k-on-fake-nfts/"}]},{"content":"<cite index=\"1-1,1-2\">The Mad Lads NFT project was created by Coral, a framework development company on the Solana blockchain. When the collection launched, the only supported wallet for the xNFT was Backpack, which was also owned by Coral.</cite> <cite index=\"8-4,8-5\">Mad Lads NFTs are xNFTs (executable NFTs), where holders can interact with web3 applications through embedded code. Each NFT functions as a tokenized application that enables staking through the Backpack wallet without requiring third-party platforms.</cite> <cite index=\"1-4,1-5\">The collection launched on April 20, 2023, with a mint price of 6.9 SOL and sold out within minutes.</cite>","heading":"Project Structure and Innovation","severity":"low","sources":[{"credibility":2,"name":"CoinGecko: Mad Lads NFT Floor Price Chart","type":"research","url":"https://www.coingecko.com/en/nft/mad-lads"},{"credibility":2,"name":"CoinGecko Learn: What Is the Mad Lads NFT Collection and xNFTs?","type":"research","url":"https://www.coingecko.com/learn/mad-lads-nfts-xnft"}]},{"content":"<cite index=\"1-6,5-11\">Less than a week after launch, one Mad Lads NFT sold for 3,625 SOL (approximately $74,742). The project generated over $8 million in the first 24 hours and briefly flipped all collections on both Solana and Ethereum.</cite> <cite index=\"12-5,12-16\">The Mad Lads NFT sale provided critical funding for Coral, raising approximately $1.4 million that allowed the company to continue operations after losing most of their funding in the FTX collapse.</cite> <cite index=\"1-8,5-19\">The project has been credited with revitalizing the Solana NFT ecosystem and became one of the most talked-about NFT collections, setting new standards for bot mitigation during mints.</cite>","heading":"Financial Performance and Market Impact","severity":"low","sources":[{"credibility":2,"name":"CoinGecko: Mad Lads NFT Floor Price Chart","type":"research","url":"https://www.coingecko.com/en/nft/mad-lads"},{"credibility":1,"name":"CoinDesk: Solana Veterans Raise $17M for 'Backpack' Crypto Wallet, Exchange","type":"news_article","url":"https://www.coindesk.com/business/2024/02/28/solana-veterans-raise-17m-for-backpack-crypto-wallet-exchange"}]},{"content":"<cite index=\"11-1,11-2\">In January 2025, Backpack acquired FTX EU and its 110,000+ former users, gaining access to a European regulatory license that allows European users to trade perpetual futures.</cite> <cite index=\"14-10,14-11\">However, FTX has stated that Backpack's acquisition of FTX EU had not yet been approved by the US Bankruptcy Court and that Backpack's press releases were issued without FTX's knowledge or involvement.</cite> <cite index=\"20-1,20-4\">The acquisition cost Backpack $32.7 million and makes them responsible for distributing bankruptcy claims to former FTX EU customers.</cite>","heading":"Recent Developments and Regulatory Concerns","severity":"medium","sources":[{"credibility":2,"name":"Blockworks: Backpack acquires FTX EU and its 110K former users","type":"news_article","url":"https://blockworks.co/news/backpack-wallet-acquires-ftx-eu"},{"credibility":2,"name":"Cointelegraph: FTX says Backpack acquisition of EU arm has not been approved by court","type":"news_article","url":"https://cointelegraph.com/news/ftx-backpack-acquisition-not-aware-approved-by-court"},{"credibility":2,"name":"IQ.wiki: Backpack - Exchanges","type":"research","url":"https://iq.wiki/wiki/backpack"}]}],"sources_used":[{"credibility":2,"name":"CoinGecko: Mad Lads NFT Floor Price Chart","type":"research","url":"https://www.coingecko.com/en/nft/mad-lads"},{"credibility":2,"name":"Phantom Learn: Mad Lads NFT deep dive","type":"research","url":"https://phantom.com/learn/crypto-101/mad-lads-nft","wayback_url":"http://web.archive.org/web/20260505004240/https://phantom.com/learn/crypto-101/mad-lads-nft"},{"credibility":1,"name":"CoinDesk: Heavy Demand for Madlads NFT Breaks Internet, Delays Mint","type":"news_article","url":"https://www.coindesk.com/web3/2023/04/21/heavy-demand-for-madlads-nft-breaks-internet-delays-mint","wayback_url":"http://web.archive.org/web/20260504172117/https://www.coindesk.com/web3/2023/04/21/heavy-demand-for-madlads-nft-breaks-internet-delays-mint"},{"credibility":2,"name":"NFTNow: A Guide to Mad Lads: Everything to Know About the Solana Project","type":"research","url":"https://nftnow.com/features/mad-lads-what-to-know-about-the-project-reviving-solana/","wayback_url":"http://web.archive.org/web/20250512153818/https://nftnow.com/features/mad-lads-what-to-know-about-the-project-reviving-solana/"},{"credibility":2,"name":"CoinGecko Learn: What Is the Mad Lads NFT Collection and xNFTs?","type":"research","url":"https://www.coingecko.com/learn/mad-lads-nfts-xnft"},{"credibility":2,"name":"Blockworks: Backpack acquires FTX EU and its 110K former users","type":"news_article","url":"https://blockworks.co/news/backpack-wallet-acquires-ftx-eu"},{"credibility":1,"name":"CoinDesk: Solana Veterans Raise $17M for 'Backpack' Crypto Wallet, Exchange","type":"news_article","url":"https://www.coindesk.com/business/2024/02/28/solana-veterans-raise-17m-for-backpack-crypto-wallet-exchange","wayback_url":"http://web.archive.org/web/20260504171308/https://www.coindesk.com/business/2024/02/28/solana-veterans-raise-17m-for-backpack-crypto-wallet-exchange"},{"credibility":2,"name":"The Block: FTX's collapse forced this startup into 'cockroach mode'","type":"news_article","url":"https://www.theblock.co/post/227170/ftx-funded-startup","wayback_url":"http://web.archive.org/web/20250109023622/https://www.theblock.co/post/227170/ftx-funded-startup"},{"credibility":2,"name":"Cointelegraph: FTX says Backpack acquisition of EU arm has not been approved by court","type":"news_article","url":"https://cointelegraph.com/news/ftx-backpack-acquisition-not-aware-approved-by-court"},{"credibility":2,"name":"Decrypt: 'Honeypot Bitch': How Mad Lads Tricked Bots Into Spending $250K on Fake NFTs","type":"news_article","url":"https://decrypt.co/137730/honeypot-bitch-how-mad-lads-tricked-bots-spending-250k-fake-nfts","wayback_url":"http://web.archive.org/web/20260504235133/https://decrypt.co/137730/honeypot-bitch-how-mad-lads-tricked-bots-spending-250k-fake-nfts"},{"credibility":2,"name":"Cointelegraph Magazine: Ex-Alameda hire on 'pressure' to not blow up Backpack exchange","type":"news_article","url":"https://cointelegraph.com/magazine/former-alameda-research-backpack-founder-armani-ferrante-hall-of-flame/"},{"credibility":2,"name":"IQ.wiki: Armani Ferrante - People in crypto","type":"research","url":"https://iq.wiki/wiki/armani-ferrante"}],"summary":"Mad Lads is a Solana-based NFT collection launched in April 2023 by Coral, the development company behind Backpack wallet. Created by former Alameda Research and FTX employees Armani Ferrante and Tristan Yver, the project gained significant attention for its innovative mint process that used honeypot tactics to deter bots and for being the first major xNFT collection.","timeline":[{"date":"2018-09-01","event":"Armani Ferrante works briefly at Alameda Research before its official launch","source":"Cointelegraph Magazine","source_url":"https://cointelegraph.com/magazine/former-alameda-research-backpack-founder-armani-ferrante-hall-of-flame/"},{"date":"2020-09-01","event":"Ferrante returns to Alameda Research to work on Solana projects like Serum","source":"IQ.wiki","source_url":"https://iq.wiki/wiki/armani-ferrante"},{"date":"2022-05-01","event":"Tristan Yver leaves FTX US where he served as head of strategy","source":"Cointelegraph","source_url":"https://cointelegraph.com/news/ftx-backpack-acquisition-not-aware-approved-by-court"},{"date":"2022-09-01","event":"Coral raises $20 million in funding co-led by FTX Ventures and Jump Crypto","source":"The Block","source_url":"https://www.theblock.co/post/227170/ftx-funded-startup"},{"date":"2022-11-01","event":"FTX collapses, Coral loses $14.5 million (88% of operating funds) held on the exchange","source":"Cointelegraph","source_url":"https://cointelegraph.com/news/ftx-backpack-acquisition-not-aware-approved-by-court"},{"date":"2023-04-20","event":"Mad Lads mint begins but faces DDOS attacks and bot issues, forcing delays","source":"CoinDesk","source_url":"https://www.coindesk.com/web3/2023/04/21/heavy-demand-for-madlads-nft-breaks-internet-delays-mint"},{"date":"2023-04-21","event":"Mad Lads successfully launches using honeypot strategy, sells out in minutes","source":"CoinGecko","source_url":"https://www.coingecko.com/en/nft/mad-lads"},{"date":"2024-02-01","event":"Backpack Exchange launches publicly, crosses $1 billion in trading volume within four days","source":"Cointelegraph Magazine","source_url":"https://cointelegraph.com/magazine/former-alameda-research-backpack-founder-armani-ferrante-hall-of-flame/"},{"date":"2025-01-07","event":"Backpack announces acquisition of FTX EU for $32.7 million","source":"Blockworks","source_url":"https://blockworks.co/news/backpack-wallet-acquires-ftx-eu"},{"date":"2025-01-08","event":"FTX states the Backpack acquisition has not been approved by bankruptcy court","source":"Cointelegraph","source_url":"https://cointelegraph.com/news/ftx-backpack-acquisition-not-aware-approved-by-court"}]},"v":1}

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