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

TechubNews · 2026-03-27T09:42:18+00:00

Backpack founder Armani Ferrante responds to community concerns, emphasizing that the team has not cashed out through OTC, and admits that past handling of witch hunts was too simplistic. TGE pre-holders will retain VIP status to incentivize long-term users. The team’s interests are closely tied to the success of the token, and they are actively advancing review and development work.

TechubNews

2026-03-27 09:42:18

Abstract generation in progress

Techub News reports that Backpack founder Armani Ferrante has responded to recent community FUD. Armani stated that the team has not cashed out through OTC, and his previous comments about OTC were solely to assist buyers in finding tokens. Regarding Mad Lads, holders before the TGE will retain their Backpack VIP status, while new holders will not have it; this design aims to incentivize users who focus on the product in the long term. Concerning the witch hunt, he acknowledged that the team’s previous approach was too “black and white,” not fully considering the complexity of community dimensions, and the team is currently re-evaluating the related cases. Additionally, Armani emphasized that short-term FDV is not a core measurement indicator, as the team’s interests are deeply tied to the success of the tokens; if the token price goes to zero, the team will not be able to earn profits. The team is continuing to advance the witch hunt case review and return to development work.

View Original

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.