Solana’s Backpack Stumbles Post-Maintenance: Faulty Futures Orders & Balance Chaos Spark User Backlash

Solana's Backpack exchange faces turbulence after a routine system update goes sideways—triggering erroneous futures executions and scrambled balance reports.

Users report wild discrepancies in positions and PnL calculations, with some accounts showing liquidations that never happened. The platform's status page acknowledges 'partial delays in data reconciliation'—corporate speak for 'we're scrambling to fix this.'

Backpack's team claims no funds are at risk (because in crypto, that's always the first lie). Meanwhile, traders are left wondering if their leveraged longs just got rekt by a backend bug rather than market forces—the ultimate DeFi indignity.

This comes just weeks after Backpack's much-hyped 'institutional-grade' infrastructure upgrade. Nothing says Wall Street sophistication like phantom trades and balance sheet hallucinations.

Ferrante blames coding error, pledges restitution

Ferrante addressed the events in a message to the project’s Discord channel, calling the incident “a programming error” and “unacceptable.” 

He said the engineering team WOULD “do a detailed review and further enhance our process so that it doesn’t happen again.” 

Ferrante asked affected customers to email [email protected] and stated that he would personally handle the claims. He wrote:

Ferrante added that the incident did not involve custody infrastructure, claiming that the funds are completely safe. He further noted that Backpack employs a two-tier multi-party computation wallet, combined with cold storage custody and continuous asset-by-asset balance reconciliation.

Backpack CEO did not offer a timetable for a post-mortem but said the company would publish findings after completing an internal audit. 

He also reiterated Backpack’s policy of reimbursing any user loss caused by exchange malfunctions, including inadvertent liquidations or mis-priced fills.

To compensate users who had open positions and qualified for the potential airdrop of a Backpack native token, the company’s Chinese profile on X promisedfor users with active trading positions on July 3.