Backpack: Users who suffered losses during the period of abnormal platform transactions will be fully compensated, and users who profited can dispose of their assets themselves.

On July 7, according to official news, Backpack announced the handling results of the abnormal trading event on July 3, stating that the platform experienced recharge delays and some contract position errors on that day, but user assets were not affected.

A total of approximately 5,000 users participated in trading during the event, of which approximately 500 profited from abnormal positions and approximately 500 suffered losses. After rolling back the code, the platform decided that profitable users could dispose of their assets themselves, and users who suffered losses would receive full compensation. Currently, 410 compensation applications have been received, 242 requests have been processed, and $70,000.00 USD in compensation has been issued. The total compensation amount is expected to be approximately $200,000.00 USD.

CEO Armani explained that the problem stemmed from a deployment error that caused inconsistent node states, but user funds were always safe. The exchange has rolled back the code to restore system stability and will provide double points compensation to all trading users on that day. [Deep Tide TechFlow]