Mad Samurai

[Mad Samurai @gems_mining]

@0xYume_ Arxiv? Fuck you

[Mad Samurai @gems_mining]

@0xYume_ Fuck scamer

[Armani Ferrante @armaniferrante]

It's been almost 3 months since the BP TGE, and it feels like a lifetime.

It's been over 3 years since we started the exchange, and it feels like a lifetime.

From the beginning, we've taken a different path from just about every new entrant this cycle. It's been a long path. It's been a hard path. But it's the path we needed to take to build a modern financial institution for the future of money.

With every day that passes, we inch a little bit closer.

It's not just about crypto. It's not just about stocks. It's not just about trading. It's not just about perps. It's about doing the hard things in the real world that few are willing to do to, and for which there is no short cut.

It's only when you do those things can you genuinely merge the crypto economy with the traditional economy--not just in one country, but for the entire world. It's easy to say. It's hard to do.

It takes years, decades, to make any progress. Heck, we moved to Japan over three years ago so that we could get a bank account and legally serve the market. But we are happy to build this business not in one cycle, because we will build it over a lifetime.

As we rollout Backpack Securities, we begin a multi-month release cycle of hitting milestones that have been years in the making, and we couldn't be more excited to share them with the world.

Today, Backpack is your brokerage, your exchange, and your wallet. It's the result of a global team pouring their hearts into the product, through the good, through the bad, and never yielding.

Every day, we push forward. Brick by brick, and I hope you love this brick as much as I do.

🧱

[Backpack 🎒 @Backpack]

Public Beta is live.

Trade real US stocks and ETFs alongside crypto, perps, and yield, all within one account.

Real ownership under New York law. Cash dividends, brokerage transfers, and corporate actions rolling out during Public Beta.

24/5. Instant execution. Traditional market liquidity.

No fees in June: https://t.co/iDxg2wGAwr

[Mad Samurai @gems_mining]

@nakjumon 58k 가 저점이라 보시는거임?

[Mad Samurai @gems_mining]

@LAVAwithanS Hey idiot!!
Are you run from @tryoharaAI ???
I mad big money hahahahah from Your team @helloworld coin!!

I knew you guys were ludgers who couldn't make a project lol!!

Let me know if you make another coin next time, anyway bye idiot!!

[Armani Ferrante @armaniferrante]

introducing the next Backpack token utility, we'll be building out this year. IPOs, on chain, directly on Backpack.

Normally when companies go public, the founders and executives go on a roadshow, sharing their story and garnering interest from Wall Street institutional buyers purchasing shares before they go public. For most, you normally have to wait for the stock exchanges to go live before getting access to these shares through your brokerage.

What we're doing: working with Superstate for Backpack to become a stop on the roadshow, so that our users can get access to these IPOs before trading goes live on national stock exchanges.

The catch: Our ability to do this successfully is purely a function of the Backpack community.

The more active and valuable our users, the more viable Backpack is a venue for capital formation. As a result, we've put together this waitlist to collect interest from our users today on this product. The early users that signup will get early access to the first IPO.

The more people that sign up for this, the more engaged and active our community is here, the better access we will get to companies when they go public.

This will be the first test of the community. This is an enormously valuable opportunity, and we need your help signing up for this so that we can go out and get the best IPOs for everyone here that we can.

The ask: add yourself to the waitlist now.

We have a lot more coming on this front, and this is a perfect example of why we did not build a DEX. This is only something a compliant product can do.

Go big or go home.

[Star_OKX @star_okx]

No complexity. No accident.
10/10 was caused by irresponsible marketing campaigns by certain companies.

On October 10, tens of billions of dollars were liquidated. As CEO of OKX, we observed clearly that the crypto market’s microstructure fundamentally changed after that day.

Many industry participants believe the damage was more severe than the FTX collapse. Since then, there has been extensive discussion about why it happened and how to prevent a recurrence. The root causes are not difficult to identify.

⸻

What actually happened
1.Binance launched a temporary user-acquisition campaign offering 12% APY on USDe, while allowing USDe to be used as collateral with the same treatment as USDT and USDC, and without effective limits.
2.USDe is a tokenized hedge fund product.
Ethena raises capital via a so-called “stablecoin,” deploys it into index arbitrage and algorithmic trading strategies, and tokenizes the resulting fund. The token can then be deposited on exchanges to earn yield.
3.USDe is fundamentally different from products such as
BlackRock BUIDL and Franklin Templeton BENJI, which are tokenized money market funds with low-risk profiles.
USDe, by contrast, embeds hedge-fund-level risk. This difference is structural, not cosmetic.
4.Binance users were encouraged to convert USDT and USDC into USDe to earn attractive yields, without sufficient emphasis on the underlying risks. From a user’s perspective, trading with USDe appeared no different from trading with traditional stablecoins—while the actual risk profile was materially higher.
5.Risk escalated further as users:
•converted USDT/USDC into USDe,
•used USDe as collateral to borrow USDT,
•converted the borrowed USDT back into USDe,
•and repeated the cycle.
This leverage loop produced artificial APYs of 24%, 36%, and even 70%+, widely perceived as “low risk” simply because they were offered by a major platform. Systemic risk accumulated rapidly across the global crypto market.
https://t.co/IK2gW4xUOP that point, even a small market shock was sufficient to trigger a collapse.
When volatility hit, USDe depegged quickly. Cascading liquidations followed, and weaknesses in risk management around assets such as WETH and BNSOL further amplified the crash. Some tokens briefly traded near zero.
The damage to global users and companies—including OKX customers—was severe, and recovery will take time.

⸻

Why this matters

I am discussing the root cause, not assigning blame or launching an attack on Binance. Speaking openly about systemic risks is sometimes uncomfortable, but it is necessary if the industry is to mature responsibly.

I expect there may be significant misinformation and coordinated FUD directed at OKX in the near future. Even so, speaking honestly about systemic risk is the right thing to do—and we will continue to do so.

As the largest global platform, Binance has outsized influence—and corresponding responsibility—as an industry leader. Long-term trust in crypto cannot be built on short-term yield games, excessive leverage, or marketing practices that obscure risk.

The industry needs leaders who prioritize market stability, transparency, and responsible innovation—not a winner-take-all mentality where criticism is treated as hostility.

Crypto is still early.
What we choose to normalize today will determine whether this industry earns lasting trust—or repeats the same mistakes again.

[Leonidas 🧡 $DOG @LeonidasNFT]

Repost if you think this scammer @cz_binance should be sent back to jail

[Backpack 🎒 @Backpack]

Zero fees on Solana

Swaps - free
Bridging - free

Only on Backpack Wallet

[Armani Ferrante @armaniferrante]

Use Coinbase if you hate money

[Mad Samurai @gems_mining]

@Backpack Wtf who sleeps with a bag..😳

[Backpack 🎒 @Backpack]

tap the post

[Mad Samurai @gems_mining]

@Backpack So handsome!

[Mad Samurai @gems_mining]

@InsilicoTrading @Backpack exchange!

[Mad Samurai @gems_mining]

@magonia_B @Backpack Real monster🦖

[Mad Samurai @gems_mining]

@DejiBigBag Idiot? Day by day open. Tomorrow is last box open..

Please don't write if you don't know..idiot

[Backpack 🎒 @Backpack]

Backpack is an official @solanamobile Seeker Launch Partner 🎒📱

This Seeker Season, your first $1000 in trading fees are on us 💸

Get started by downloading Backpack on the Solana dApp Store 👇

[Backpack 🎒 @Backpack]

Real stocks. On Solana.

Backpack will be the first CEX to list SEC-registered equities on chain.

Coming soon 🎒

[Mad Samurai @gems_mining]

@armaniferrante Backpack X KFC 🤝