Skip to main content
AVOID.NET
Sign in

Backpack

avoid.net/backpack→56/100·72% conf.
[AI-DRAFTED · AWAITING VERIFICATION]

Auto-generated score, not yet verified against the scoring model. Under review — treat as indicative, not a verdict.

anchored·GfVK2w…xhVc

Summary

Backpack is a Solana-ecosystem crypto wallet and centralized exchange (operating as Trek Labs Ltd FZE, with a separate US entity, Backpack US / Backpack Securities) founded in 2022 by Armani Ferrante and Tristan Yver, both veterans of the FTX and Alameda Research organizations prior to those firms' 2022 collapse. The exchange holds a VARA VASP license in Dubai and a MiFID II license (via the contested acquisition of FTX EU), publishes daily zero-knowledge proof-of-reserves, and since mid-2026 has built a tokenized US equities business ('Sunrise' stock tokens issued by Backpack Securities) that is the second-largest Solana tokenized-stock issuer by 24-hour trading volume, behind xStocks, in a September 26, 2026 snapshot. Key risk signals include the founders' FTX-era history, the disputed FTX EU acquisition, a 60-plus percent post-TGE collapse (and partial recovery) of its native BP token, an October 2025 incident in which liquidated users' post-liquidation deposits were automatically applied to unsettled losses, and structural risks around the tokenized-stock product — including memecoin pools that have temporarily cornered large shares of thinly-floated tokens, and price divergence from other issuers' versions of the same stock.

Connected Entities

7 entities · 60 linked investigations
Organizations
□Backpack□Alameda0□Wintermute38□Polymarket22□Solana62□Sam Bankman-Fried0□Alameda Research0
Relationships
  • Alameda Research→mentioned with→Alameda(70%)
  • Sam Bankman-Fried→mentioned with→Alameda(70%)
  • Sam Bankman-Fried→mentioned with→Solana(70%)
  • Alameda→mentioned with→Alameda Research(80%)
  • Alameda Research→mentioned with→Sam Bankman-Fried(80%)
  • Backpack→mentioned with→Alameda Research(80%)
  • Backpack→mentioned with→Sam Bankman-Fried(80%)
  • Sam Bankman-Fried→mentioned with→Alameda Research(80%)
  • Alameda→mentioned with→Sam Bankman-Fried(80%)
  • Solana→mentioned with→Alameda Research(80%)
  • + 5 more
Also appears in
Alameda·0Solana·62Wintermute·38Jump Trading·42OpenZeppelin AI Exploit Threat Vector·15Shibarium·28Sky (MakerDAO)·51SIGMA Bot·4Crossmint·70Teraswitch (Solana validator hosting concentration incident)·52

Connected Through

7 shared actors · 444 investigations

Distinct actors this investigation shares with others — holders, traders, and named parties. Shared infrastructure (exchanges, pools) is excluded.

Have evidence about Backpack?

Timeline(23 events)

2018

Armani Ferrante joins Alameda Research as an early hire, departing after approximately three months.

IQ.wiki — Armani Ferrante profile

April 2022

Coral (later Backpack) founded by Armani Ferrante; Tristan Yver departs FTX US shortly after.

CoinDesk — Solana Veterans Raise $17M

September 2022

Coral raises $20 million strategic round co-led by FTX Ventures and Jump Crypto.

PR Newswire — Coral $20M round

November 2022

FTX collapses; Backpack alleges it lost approximately $14.5 million (88% of operating funds) in the bankruptcy.

The Block — FTX-funded startup cockroach mode

April 2023

Mad Lads NFT collection launches on Solana.

Decrypt — Mad Lads NFTs All-Time High

October 2023

Trek Labs Ltd FZE receives VARA VASP Exchange Services License (No. VL/23/07/001) in Dubai.

PR Newswire — Backpack VARA license announcement

November 2023

WSJ / CoinDesk report that former FTX general counsel Can Sun will co-found Trek Labs / lead Backpack Exchange.

CoinDesk — Former FTX Executives to Start New Crypto Exchange

February 2024

Backpack raises $17 million Series A led by Placeholder VC at a $120 million valuation.

CoinDesk — Solana Veterans Raise $17M

January 2025

Backpack announces the acquisition of FTX EU, gaining a CySEC MiFID II license and roughly 110,000 former user accounts.

CoinDesk — FTX EU Sold to Backpack Exchange

January 2025

FTX bankruptcy estate publicly disputes the acquisition, calling the announcement 'unauthorized.'

CoinDesk — FTX Estate Hits Out Over Unauthorized Sale

April 2025

Backpack opens the first phase of the FTX EU claims process for roughly 110,000 former users.

Backpack Learn — Claims Process Blog

May 2025

Eligible former FTX EU users can begin withdrawing from a reported €55 million earmarked for repayments.

Crypto Times — FTX EU Clients Can Now Reclaim Funds via Backpack

August 2025

Backpack begins publishing daily zero-knowledge proof-of-reserves verified by OtterSec.

CryptoNews — Backpack Exchange Launches Daily Proof of Reserves Verified by OtterSec

10 October 2025

Market-wide flash crash triggers over $19 billion in liquidations; some Backpack users report post-liquidation deposits were auto-applied to unsettled losses, prompting user complaints and a public defense from founder Armani Ferrante.

CoinGecko — What Is October 10th? Crypto's 10/10 Mass Market Liquidation Event

October 2025

Backpack partners with Superstate's 'Opening Bell' platform to offer SEC-registered tokenized equities, announced amid ongoing criticism over its October 10 liquidation handling.

CoinDesk — Backpack Expands to SEC-Registered Tokenized Stocks with Superstate Partnership

February 2026

Axios reports Backpack is in discussions to raise approximately $50 million at a $1 billion pre-money valuation.

Axios — Backpack Exchange raising at $1B valuation

March 2026

$BP token TGE launches with a 25% airdrop of the 1 billion supply; the token later falls more than 60% from its post-launch high amid community allegations of insider selling, denied by Ferrante.

CryptoRank — Backpack knocks back FUD as BP drops over 60% post-launch

2 June 2026

Backpack launches Backpack Securities, combining a US-facing regulated brokerage with the Solana-based 'Sunrise' stock-tokenization layer built with Wormhole Labs.

PR Newswire — Backpack Launches Securities Platform Bridging Traditional and Digital Asset Markets

June 2026

SpaceX (SPCX) becomes the first Sunrise tokenized-stock listing, drawing more than 10,000 on-chain holders in its first week.

Reporting on Backpack Securities / Sunrise SpaceX listing

July 2026

Backpack launches 24/7 trading for tokenized SpaceX, Micron, and SanDisk shares.

Cointelegraph — Backpack Expands Tokenized Equities with 24/7 Trading

August 2026

On Robinhood Chain, a memecoin called BONER pooled against tokenized Hims & Hers (HIMS) reportedly absorbed 81–91% of that chain's tokenized HIMS supply on a closed-market Sunday, an example of the weekend 'float squeeze' risk that applies to tokenized stocks used as memecoin quote assets.

DeFiPrime — Tokenized stock float squeeze

2 September 2026

Backpack US appoints Multicoin Capital co-founder Kyle Samani to its board of directors.

GlobeNewswire — Backpack US Appoints Multicoin Capital Co-Founder Kyle Samani to Board

September 2026

Sunrise's tokenized listings reportedly cross $1 billion in weekly trading volume on Solana.

Solana Compass — Sunrise Surpasses $1 Billion in Weekly Trading Volume on Solana
Provenance & Audit Trail
Anchored on SolanaVerify on-chain

Decision Log

This investigation is cryptographically anchored to the Solana blockchain (6 events). 0 of 46 cited source URLs have an Internet Archive snapshot.

Fact-checked 2026-09-2616 claims checked1 correction pending0 applied⛓ anchoredSee findings →
full audit log →version history →

model: claude-code-investigator

generated: 5/31/2026, 8:27:47 PM

last updated: 9/26/2026, 1:15:33 PM

3 views

avoid.net — verified advice for a post-truth world