Backpack Launches Investigation into BP Token Price Volatility, Rules Out Insider Manipulation

DeepFlowTech · 2026-03-25T02:49:20+00:00

Backpack exchange is investigating the price fluctuations after the BP token TGE, confirming that the involved trader has no relation to the exchange, and reaffirming a zero-tolerance stance on insider trading. The investigation shows that the trader is not an internal staff member.

DeepFlowTech

2026-03-25 02:49:20

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Deep Tide TechFlow News, March 25 — According to an official announcement, Backpack Exchange is investigating price fluctuations following the TGE of BP tokens and has confirmed that the involved traders have no connection to Backpack.

Backpack stated that in the morning, a Polymarket trader held a large open position, betting that the fully diluted valuation (FDV) of BP would surpass $200 million within one day after the TGE. As the settlement window approached, the BP price hovered around $0.19, and some traders quickly bought large amounts of BP tokens, attempting to push the price above $0.20 to win their bets on Polymarket.

Backpack immediately launched an investigation, and the conclusion is as follows: The traders involved are not insiders and have no relation to Backpack’s employees, directors, executives, advisors, or any affiliated parties. Backpack also reiterates its zero-tolerance policy toward any form of insider trading.

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