TechFlow News: On March 25, according to an official announcement, Backpack Exchange launched an investigation into abnormal price movements of the BP token following its Token Generation Event (TGE) and confirmed that the traders involved in those transactions have no affiliation with Backpack.
Backpack stated that earlier that day, a Polymarket trader held a large open position betting that BP’s fully diluted valuation (FDV) would exceed $200 million within one day after the TGE. As the settlement window approached, BP’s price hovered around $0.19. Several traders then purchased large quantities of BP tokens in an attempt to push the price above $0.20 to win their Polymarket bet.
Backpack immediately initiated an investigation, reaching the following conclusions: The aforementioned traders are not Backpack insiders and have no relationship with Backpack’s employees, directors, executives, advisors, or any affiliated parties. Backpack also reiterated its zero-tolerance policy toward any form of insider trading.
