Backpack CEO： Taking FTX as a reference, prioritize building a transparent and robust risk control system to ensure the safety of user funds

Odaily Planet Daily News: Backpack CEO Armani mentioned FTX and Alameda Research. Backpack took the FTX crash as a lesson and prioritized building a robust and transparent risk management system to ensure the safety of user funds. Backpack does not operate its own market manufacturer, has no incentive to liquidate users, and prioritizes fair clearing on the order book (99.82% of clearing is completed directly on the order book), allowing any market participant to participate in transactions fairly. In addition, Armani also clarified the three-step liquidation process of Backpack (order book liquidation, backup liquidity support, automatic deleveraging), and reduced market impact through measures such as gradual liquidation and price impact bands to protect users from unreasonable liquidation.