BingX Promotes Fake BACK Token, Backpack CEO Slams the Scam

Key Points:

• BingX announced pre-market trading for a BACK token, but Backpack CEO Armani Ferrante denied its existence, calling it a scam.

Backpack CEO denies the existence of BACK token, calling BingX’s announcement of pre-market trading for fake BACK Token a scam. BingX had planned to launch the token on August 21.

Recently, BingX announced on their official X (formally Twitter) account that its platform’s pre-market trading market is going to launch the BACK token for Backpack at 16:00 on August 21.

BingX Announces Fake BACK Token

However, Backpack CEO Armani Ferrante has publicly denied the existence of such a token and clearly mentioned, “There is no BACK token, you are promoting a scam.” The statement was given in response to the announcement by BingX about the launching of pre-market trading for the fake BACK token.

As of the latest update, BingX, a major cryptocurrency exchange with over 10 million users worldwide, has not commented on the situation. The exchange offers various products and services, including spot trading, derivatives, copy trading, and asset management.

Read more: Backpack Review: What Makes Solana’s First CEX Project Stand Out?

BingX, Backpack, and the BACK Token Controversy

Backpack, co-founded by former FTX executives, including Armani Ferrante and Tristan Yver, operates under Trek Labs, a Dubai-based company. The exchange employs multi-party computing (MPC) technology for fund security and allows users to self-custody funds.

Earlier this month, Backpack Wallet announced full support for the Eclipse network. During the initial wallet creation and when adding a new network to the wallet, users are able to add an Eclipse to the Backpack Wallet.