Backpack CEO: The team did not cash out through OTC, and short-term FDV has no practical significance

ZkProver · 2026-03-27T16:20:37+00:00

Backpack founder Armani Ferrante responded to community FUD, clarifying that the team will not sell tokens through OTC. He emphasized that users holding Mad Lads tokens can retain VIP status and pointed out that short-term FDV is not important. The witch hunt process was too mechanical; they are re-evaluating cases and returning to development work.

ZkProver

2026-03-27 16:20:37

Abstract generation in progress

ChainCatcher message: Backpack founder Armani Ferrante posted a response to recent community FUD. He provided clarifications on topics including OTC trading, Mad Lads entitlements, witch-hunt (Sybil) checks, and token price.

Armani said the team will not cash out its own tokens through OTC sales. His prior comments about OTC were only intended to help buyers find tokens. All users who held Mad Lads tokens before the TGE will retain their Backpack VIP status, while new users will not enjoy this status.

In addition, Armani emphasized that the FDV value 24 hours or one week after the TGE is not practically meaningful. Short-term FDV is not a core metric. Team incentives are deeply tied to the token’s success; if the token price goes to zero, the team will not be able to earn any revenue.

Regarding witch-hunt (Sybil) checks, he admitted that the team’s earlier handling was overly mechanical and did not sufficiently consider the complexity of the community’s dimensions. The team is currently re-reviewing the relevant cases. At present, the team is continuing to move forward with the review of witch (Sybil) cases and returning to development work.

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