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@armaniferrante Avatar @armaniferrante Armani Ferrante

Armani Ferrante, the founder of Backpack, a crypto platform, addressed concerns about the platform's handling of user funds and liquidations during a recent market downturn. He emphasized that funds are safe and that the team has been working tirelessly to address user questions and concerns. The platform published daily proof of reserves to reassure users.

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Followers: XXXXXXX #

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Social Influence #

Social category influence luxury brands #681 finance #2799 exchanges #3972 social networks XXX% cryptocurrencies #741 stocks XXXX% technology brands XXXX%

Social topic influence armani #5, over the #2092, proof of #215, im a #330, team and #105, take the #376, discord #3200, solana #68, kfc #34, debt XXXX%

Top accounts mentioned or mentioned by @backpack @madlads @madvincent666 @gorbaganachain @backpackcn @solana @madsimon_sol @solanacoach @kookcapitalllc @lerolwen @therealchaseeb @diegoarmandoad @joaomendoncaaaa @aeyakovenko @coinbase @daidaibtc @lexnode @phantom @metaplex @0xbreadguy

Top assets mentioned Solana (SOL) Coinbase Global, Inc. (COIN)

Top Social Posts #

Top posts by engagements in the last XX hours

"@LostinNFTspace @Gold_Phishy We didnt ask for debt. It was an isolated instance of XX users that have been reimbursed. Their accounts were in an undercounted state and so when funds appeared they were automatically reconciled. The quantity for these specific deposits was tiny"
X Link @armaniferrante 2025-10-12T08:29Z 149.9K followers, XXX engagements

"Pleas note thats not what this post is about. This post is about deposits settling realized losses. On liquidations a separate topic the answer is simple: the market nuked. The prices on the venue were different because the traders on the platform were different and so liquidity dried up. This happened with different symbols on different platforms. The exchange itself is not the liquidity provider. It can only manage risk in the context of other liquidity providers as a neutral platform. A lot of people went down yesterday (though Backpack didnt) and so that caused a lot of issues with the"
X Link @armaniferrante 2025-10-12T01:47Z 149.9K followers, 6422 engagements

"The ticker is"
X Link @armaniferrante 2025-09-07T02:48Z 149.9K followers, 63.3K engagements

"@Zovex81 @Backpack @Lighter_xyz No one stayed silent. I get you have your bags to pump but at least be honest. We resolved all settlements yesterday and published a proof of reserve afterwards. The screenshot youre sharing is completely taken out of context"
X Link @armaniferrante 2025-10-12T10:05Z 149.9K followers, 6227 engagements

"@daidaibtc @Backpack_CN We'll be addressing this. Extremely distasteful and not representative at all of the company. I'm honestly just really disappointed by the post"
X Link @armaniferrante 2025-10-11T15:11Z 149.8K followers, 5670 engagements

"@Backpack For more see"
X Link @armaniferrante 2025-09-05T14:11Z 149.8K followers, 4080 engagements

"@0xdoug It's extremely irresponsible to not have ADL. It's a horrible user experience. But unfortunately it's critical to keep a system solvent and sound"
X Link @armaniferrante 2025-10-11T04:42Z 149.8K followers, 2558 engagements

"Is there any example of a fork of a crypto network being more valuable than the original"
X Link @armaniferrante 2025-08-06T03:25Z 149.9K followers, 50.2K engagements

"I don't know what this means but it appears bullish"
X Link @armaniferrante 2025-10-12T16:43Z 149.8K followers, 18.9K engagements

"Crossed the 600k user threshold on the @Backpack chrome extension today. LFG. 🧱"
X Link @armaniferrante 2024-10-16T02:41Z 149.8K followers, 70.2K engagements

"@xiaomomo9999 @Backpack We publish it every day without exception"
X Link @armaniferrante 2025-10-12T00:54Z 149.7K followers, XXX engagements

"@crypto_bitlord7 No. Please reread"
X Link @armaniferrante 2025-10-11T22:35Z 149.8K followers, 6095 engagements

"Have a vision and patiently execute over a long period of time"
X Link @armaniferrante 2025-09-29T02:14Z 149.8K followers, 31.7K engagements

"Were literally talking about XX cases of this. The net effect: zero. Theres plenty of ways to FUD @Backpack but this isnt it"
X Link @armaniferrante 2025-10-12T00:46Z 149.8K followers, 45.9K engagements

"@inversebrah Fake news"
X Link @armaniferrante 2025-10-12T05:48Z 149.9K followers, 1225 engagements

"Respectfully you are illustrating the OPs point. This is true for all margin systems. DeFi or CeFi. CME Coinbase Hyperliquid or Binance. Negative equity and insurance funds is a valid state transition. This is why insurance funds exist. Heres an example of a user from Binance yesterday that went negative/bankrupt"
X Link @armaniferrante 2025-10-12T03:56Z 149.9K followers, XXX engagements

"There was negative equity accounts yes. And they were covered by our insurance fund yes. This happened yesterday after which we published a proof of reserves as we do every single day without exception. Please note that bankruptcy is a valid state transition in any and all margin systems and you must always design with that in mind. Thats why there is always conservation between winners and losers in our system. Thats why we have an insurance fund as do all responsible margin exchanges"
X Link @armaniferrante 2025-10-11T23:32Z 149.8K followers, XXX engagements

"@USDT0_to @solana LFG"
X Link @armaniferrante 2025-10-15T16:17Z 149.8K followers, XXX engagements

"Many users were affected for different reasons. Its impossible to give a general statement. Thats why we have communicated that we ask everyone to contact us to explain their issue and we will go through each and every case in detail to do the right thing. For example some liquidated due to the market move. Some deposited before settlement of losses occurred. The first would not get their money back while the second would"
X Link @armaniferrante 2025-10-11T23:59Z 149.8K followers, 1773 engagements

"The timeline over the past few days has been out of control. Some things absurd. Some things deserved. Here's my perspective. - When the market crashed during the industry's largest liquidation event in history a lot of people got liquidated. This hurt a lot of people. The crash created a lot of questions. What's ADL Why is my account negative If I got liquidated will there be compensation - My policy and style is always to answer any and all questions in excruciating detail. My tweets are overly long. My replies overly technical. My tendency is to be as transparent as possible to give people"
X Link @armaniferrante 2025-10-13T05:32Z 149.8K followers, 53K engagements

"Slowly but surely. Brick by brick. We climb. 🧗"
X Link @armaniferrante 2025-05-09T14:23Z 149.8K followers, 18.1K engagements

"@KookCapitalLLC Context"
X Link @armaniferrante 2025-10-13T10:12Z 149.8K followers, 14.7K engagements

"Respectfully this is false. Nothing broke internally and the system worked as intended. The primary issue--which isn't really what any of this FUD is about--was that all liquidity dropped off the books. As a result liquidations filled at bad prices as markets moved. The solutions are either a) the exchange needs to run a market maker that never pulls out of the market during volatility or b) add circuit breakers"
X Link @armaniferrante 2025-10-12T11:32Z 149.7K followers, 3103 engagements

"@_Mrfiend We have several price band protections you can see here. However we don't have circuit breakers--which is really what you need to protect against something like yesterday. The challenge with yesterday was that liquidity dropped off the markets"
X Link @armaniferrante 2025-10-12T05:23Z 149.7K followers, XXX engagements

"@River_Bluffer @daidaibtc @Backpack_CN We don't control how the market trades. We are a completely neutral platform. That screenshot is liquidity drying up because market makers dropped out when several exchanges went down (we didn't go down)"
X Link @armaniferrante 2025-10-11T15:34Z 149.7K followers, 2565 engagements

"waiting for my KOL check"
X Link @armaniferrante 2025-10-08T15:05Z 149.8K followers, 40.3K engagements

"A lot of people and companies were hurt today. Sending love to the timeline. ❤"
X Link @armaniferrante 2025-10-11T04:48Z 149.8K followers, 47.6K engagements

"Call me crazy but the sheer scale of the FUD over the past day makes me think its a paid operation by a competitor. We are literally talking about $40k from approximately XX users that ran into this settlement issue. Any real @Backpack user would have FUDd way harder on much more substantive criticisms. This argument that went viral is so weak that it begs the question how did it go viral in the first place"
X Link @armaniferrante 2025-10-12T10:08Z 149.8K followers, 98.8K engagements

"NFTs or Collectibles"
X Link @armaniferrante 2025-07-25T03:12Z 149.8K followers, 42.3K engagements

"let me tell you about points"
X Link @armaniferrante 2025-10-04T04:36Z 149.9K followers, 46.7K engagements

"So people actually do get paid to FUD us. Incredible technology. 🤣"
X Link @armaniferrante 2025-10-13T10:10Z 149.8K followers, 51.2K engagements

"@Lukilie_on_SOL Yes it was known after we experienced it and resolved it by crediting users dollar for dollar for their deposits. Then I was able to explain it to people. Then a screenshot happened"
X Link @armaniferrante 2025-10-13T05:56Z 149.7K followers, XXX engagements

"@ruslan55x @Backpack @Lighter_xyz False"
X Link @armaniferrante 2025-10-12T06:01Z 149.9K followers, 5956 engagements

"A friend once said you don't need to win over one cycle you can win over many"
X Link @armaniferrante 2025-10-06T02:25Z 149.9K followers, 51.5K engagements

"Hate to break it to you folks but theres no kfc voucher"
X Link @armaniferrante 2025-10-12T18:04Z 149.8K followers, 75.9K engagements

"Everything in your Backpack 🎒 (literally everything)"
X Link @armaniferrante 2025-10-15T14:45Z 149.8K followers, 18.1K engagements

"Where some see McDonalds we see KFC. Think different"
X Link @armaniferrante 2025-10-14T11:44Z 149.8K followers, 18.6K engagements

"@nazarius_amb @Backpack I think Jeff works too hard to waste time with such nonsense"
X Link @armaniferrante 2025-10-12T10:11Z 149.9K followers, 2757 engagements

"@0xDLD @AustinBlais4 @PoisedM1"
X Link @armaniferrante 2025-10-12T12:59Z 149.8K followers, XXX engagements

"Dropping this here as it's important on a day like today. @Backpack's daily Proof of Reserves. Hope everyone is doing ok"
X Link @armaniferrante 2025-10-11T07:55Z 149.8K followers, 72.6K engagements

"FUD is fuel"
X Link @armaniferrante 2025-10-12T16:55Z 149.8K followers, 47K engagements

"And for the record weve only seen XX instances of this. All for tiny sums (hundreds of dollars). Largest one was on the order of thousands. If any more come in for any reason at all they will all be handled without question"
X Link @armaniferrante 2025-10-12T00:49Z 149.8K followers, 24.1K engagements

"Waking up to see this post I'm a exhausted disappointed and heart broken to see it go viral and to see the responses. No one cares about our users more than our team and if you take the time to actually read our Discord and my tweets over the past day I hope you'll see that. The team has spent the past XX hours all hands on deck to make sure every single user story has been accounted for. I don't have a crisis management team for this post. I honestly am shocked by it given how much of a disconnect there is between how we actually feel our actions and the sentiment of the tweet. All I can do"
X Link @armaniferrante 2025-10-11T21:40Z 149.8K followers, 850.4K engagements

"Yes thats exactly right. This specific issue has about XX cases of people that deposited before bankruptcy settlement. All on the order of hundreds of dollars while the largest on the order of thousands. Fund is 10M and we just started charging liquidation fees last week with the purpose of growing it further"
X Link @armaniferrante 2025-10-12T01:10Z 149.9K followers, XXX engagements

"One of the most powerful features of @Backpack wallet is it's wallet account structure particularly popular among whales with many wallets looking to stay private and organized. While most wallets provide a single linear wallet list Backpack provides a second dimension for identity organization. Segregate your wallet groups with distinct accounts so that you can group related addresses together with ease. And if you are one of those people with XXX wallets use the search to find your addresses without scrolling forever"
X Link @armaniferrante 2025-06-26T02:55Z 149.8K followers, 17.7K engagements

"@daidaibtc @Backpack_CN This tweet was fucking retarded"
X Link @armaniferrante 2025-10-11T15:07Z 149.8K followers, 13.8K engagements

"In short users never owe more margin than they put into a position. There was no socialized loss. No clawbacks. A lot of liquidations. A lot of ADL. That's the boring truth"
X Link @armaniferrante 2025-10-12T04:36Z 149.8K followers, 73.6K engagements

"On the one hand I agree. On the other hand this happened on literally every exchange. People saying this is a Backpack specific issue are not sincere or they just dont know what theyre talking about. Someone tweeted this on Binance for example. In any case I agree these things should absolutely improve. But bankruptcy is a valid stage transition which is why one must always design with that in mind. Thats why insurance funds exist"
X Link @armaniferrante 2025-10-12T00:30Z 149.8K followers, 2759 engagements

"Is KFC a publicly traded company"
X Link @armaniferrante 2025-10-15T14:59Z 149.8K followers, 46.8K engagements

"@Backpack Sei"
X Link @armaniferrante 2025-07-22T13:24Z 149.8K followers, 13.1K engagements

"Huge market movement today. Markets look wiped out across the board. Many issues on many venues. Things are recovering and markets are starting to get back on their feet. We're all hands on deck monitoring the situation. To state the obvious funds are safe. Thanks all"
X Link @armaniferrante 2025-10-10T23:25Z 149.8K followers, 27.8K engagements

"Aster don't hate the player hate the game"
X Link @armaniferrante 2025-10-06T03:37Z 149.9K followers, 41.8K engagements