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Concerns Arise Over Points System? Exchange Backpack Announces Strict Monitoring of Malicious Wash Trading Behavior

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Concerns Arise Over Points System? Exchange Backpack Announces Strict Monitoring of Malicious Wash Trading Behavior

The emerging exchange Backpack gained a lot of attention on Twitter after successfully marketing the Pyth airdrop campaign and announcing a trading volume scoring system. Despite the strong endorsements from Key Opinion Leaders (KOLs) on Twitter, Backpack's Chinese Twitter account posted a tweet on the morning of the 19th claiming to monitor wash trading activities.

Up-and-Coming Exchange Backpack Gains Popularity

Backpack is a cryptocurrency exchange founded by former FTX executives, including former FTX General Counsel Can Sun and former employee Armani Ferrante. It has been in operation since the fourth quarter of last year and was listed on the iOS and Google Play stores at the end of the year.

Backpack attracted a large number of users with its Pyth airdrop event held at the end of last year, with over 100,000 users participating. Through activities such as Solana SOL staking and trading volume boosting, Backpack's exchange visibility has significantly increased.

Exchange Introduces Point System

Backpack announced on February 12th that it will launch an account trading volume point system, with the point ranking being an important reference data for future marketing activities such as airdrop eligibility and Launchpool.

Backpack: Monitoring Wash Trading Activities

Following the introduction of the point system by Backpack, there was widespread endorsement from Key Opinion Leaders (KOLs) on Twitter. Backpack also announced on the 18th that it achieved a milestone of $1 billion in trading volume within 24 hours.

However, the Chinese version of Backpack's Twitter account tweeted on the morning of the 19th, claiming that it will monitor wash trading activities. It emphasized three points:

  1. Strict monitoring of malicious wash trading activities and reserving the right to take corresponding measures.

  2. Continuous trading activities will be carried out in the long term, aiming to provide the best products and the most benefits to "real long-term supporters."

  3. Appreciation for and encouragement of user suggestions.

As of the deadline, the English version of Backpack's Twitter has not released this announcement.