The backpack stopped trading of scheduled maintenance at 10am on July 3rd and resumed two hours later, but the reboot triggered an account error that forced CEO Armani Ferrante to promise reviews and compensation.
I had a backpack Warned users On X, the platform will go offline at 10am, enter post only mode at noon, and resume full trading at 12:10pm.
When Spot and the persistent market returned online, several users reported unusual balance changes and order reversals.
A Brazil-based trader identified as Defi Remora, I wrote that The $104,000 withdrawal request submitted was returned to his account in the form of 891 Solana (SOL) after downtime.
At the same time, the exchange expanded his marginal debit from 31,000 USDT to 111,000 USDT, manually unlocking the position at an estimated cost of between $300 and $400.
Chinese User Snake It has been reported In another X-thread, where the long position was flipped over into a short position and some holdings disappeared without traces on the ledger.
The snake said no audit trail appeared in the account history and the error coincided with the backpack’s downtime.
Ferrante condemns coding errors and pledges compensation
Ferrante dealt with the event in a message to the project’s Discord channel, calling the incident “programming error” and “unacceptable.”
He said the engineering team will “do a detailed review and further strengthen the process so that it doesn’t happen again.”
Ferrante said he would ask affected customers for email (email protection) and would personally process the claims. He wrote:
“If there is a problem that is our fault, we will compensate.”
Ferrante added that the case does not involve custody infrastructure and that the funds are completely safe. He further noted that the backpack combines cold storage custody and ongoing asset balance adjustments to employ a two-tier multi-party calculation wallet.
The Backpack CEO did not provide a post-mortem calendar, but said the company would publish its findings after completing its internal audit.
He also reiterated the backpack’s policy of reimbursing users’ losses caused by malfunctions in exchanges, such as careless liquidation and false price filling.
X’s China profile is promised to compensate users who have open positions and are eligible for potential aerops of backpack native tokens Double your points For users with active trading positions on July 3rd.
