Thereโs currently some FUD about @Backpack, subtly implying that the exchange is still young (only 4 years old) and that withdrawing $10K gets delayed for 4 hours.
I want to clarify: This is an optional security feature, not a bug or โstuck funds.โ
Backpack has a Withdrawal Delay feature:
Go to Settings โ Accounts: Exchange โ Security โ Withdrawal Delay.
Users can turn it on themselves and choose the waiting time (e.g. 4h, 12h, 24h, etc.).
It only applies when withdrawing to a new external wallet address (not yet saved in the Address Book, or saved for less time than the delay youโve set).
Addresses that have been whitelisted / saved longer than the delay period are withdrawn normally and quickly.
Internal transfers between sub-accounts are not affected by the delay.
Armani even actively recommends using this feature, going as far as saying that โinstant withdrawals are an utterly stupid thing that crypto has normalized,โ because it helps protect against hacks, clipboard malware, mistyped addresses, etc.
A guy who left over $4M on the Fomo app got hacked. Today, $80M stored on Ledger was completely drained due to a supply chain issue.
Yet when Backpack is trying to protect its users, some people use that as a reason to criticize it?
Backpack Stocks on SOL 45x better execution vs Robinhood chain.
Big pipe of liquidity is now flowing from NASDAQ onto Solana.
Retweet if you love Backpack stocks on Solana
Tokenized stock holder growth by issuer, past 24 hours ๐
@Backpack led with +16.4K new holders, more than 3x the next issuer, followed by @xStocksFi (+4.6K) and Binance bStocks (+3.1K).
@RobinhoodApp (+1.4K) and @coinbase (+949) round out the top 5.
Data via @tokenterminal