Backpack Clarification: Traders Attempting to Manipulate BP Token Price on Polymarket Are Not Internal Team Members

Backpack announced on X today that in the early morning hours, a Polymarket trader held a large open position, betting that BP's fully diluted valuation would exceed $200 million one day after its token generation event. As the resolution window approached and BP traded around $0.19, some traders bought large amounts of BP tokens in an attempt to push the price above $0.20 to win their bets. Backpack immediately launched an investigation and confirmed that these traders were not insiders and had no affiliation with Backpack. The company emphasized its zero-tolerance policy towards any form of insider trading.