Backpack Founder Addresses OTC, Mad Lads, and Sybil Controversies
Backpack founder Armani Ferrante took to social media to address recent community concerns. The topics ranged from OTC trading and Mad Lads benefits to sybil reviews and token prices.
On OTC, Ferrante said the team hasn't cashed out that way. His earlier comments about OTC were just about helping a buyer find tokens. As for Mad Lads holders, there's a clear split. Those who held before the TGE keep their Backpack VIP status. New holders don't get it. The idea? To reward users who've stuck around.
On sybil reviews, Ferrante admitted the team's approach was too mechanical at first. They didn't fully account for the complexity on the community side. The team is now revisiting those cases.
He also pushed back on short-term FDV as a key metric. The team's interests, he stressed, are tied to token performance. If the token goes to zero, they get nothing. Right now, the focus is on reworking sybil cases and getting back to building.
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