FTX Alumni’s Backpack Unveils Tokenomics Ahead of $1B Funding and IPO Ambitions

In a significant development for the Solana ecosystem and the broader cryptocurrency exchange landscape, Backpack Exchange has revealed the tokenomics for its upcoming native token. Founded by former executives from the now-defunct FTX and Alameda Research, the centralized trading platform is taking a markedly different, compliance-first approach. With a fixed total supply of 1 billion tokens, the project is strategically positioning itself for a future U.S. Initial Public Offering (IPO), signaling a mature and regulated path forward that contrasts sharply with its predecessors' trajectories. The Token Generation Event (TGE) will see an initial circulating supply of 250 million tokens, representing 25% of the total. A significant portion, 24%, is earmarked for distribution to points holders, a move likely designed to reward early community and platform users. This pre-launch revelation of tokenomics, coupled with ongoing talks for a massive $1 billion funding round, underscores Backpack's ambitious growth strategy. The project aims to leverage the high-performance Solana blockchain while embedding rigorous regulatory compliance from its foundation—a lesson seemingly learned from the FTX collapse. This announcement is more than just a token launch; it represents a philosophical shift in how major crypto exchanges are structured and governed. By prioritizing transparency through pre-TGE tokenomics disclosure and aiming for a traditional IPO, Backpack is attempting to bridge the gap between decentralized finance innovation and mainstream financial market expectations. The involvement of FTX alumni adds a layer of narrative complexity, as they seek to build a more resilient and trustworthy platform. As of early 2026, this move is being closely watched as a potential blueprint for the next generation of compliant, high-performance cryptocurrency exchanges.

Backpack Tokenomics Revealed Ahead of TGE and $1B Funding Talks

Backpack Exchange, a Solana-native centralized trading platform founded by former FTX and Alameda executives, has unveiled its tokenomics model ahead of its Token Generation Event (TGE). The project, positioning itself as compliance-first with ambitions for a U.S. IPO, has fixed its total token supply at 1 billion.

At launch, 25% of the supply (250 million tokens) will enter circulation, with 24% allocated to points holders and 1% reserved for Mad Lads NFT holders. Notably, the model excludes team tokens, locking founders, employees, and early investors out of allocations until an IPO or exit occurs at least one year post-TGE.

The tokenomics structure reserves 37.5% for pre-IPO investors, accessible only after meeting growth milestones. This disciplined approach emphasizes long-term value over speculative trading, mirroring the platform's regulatory-focused ethos.

SBF Claims FTX Was Never Bankrupt in Jailhouse Message

Sam Bankman-Fried has reignited controversy with a series of claims from prison, insisting FTX never filed for bankruptcy despite its spectacular collapse. The disgraced founder revived his X account to challenge the legal proceedings against him, arguing the exchange remained solvent throughout the ordeal.

Bankman-Fried's latest missive contends bankruptcy lawyers improperly seized control of FTX, forcing through proceedings he claims were unnecessary. His argument hinges on FTX's ability to repay creditors in cash after liquidations, though crypto assets like BTC were settled at depressed 2022 prices NEAR $16,000.

The thread reveals deepening fissures in the post-collapse narrative. While FTX did recover substantial assets, the fire-sale liquidation of illiquid holdings - particularly NFTs - and subsequent bear market erosion undermined recovery values. Bankman-Fried's protestations arrive as hopes for a Trump-era pardon appear increasingly unlikely.

FTX Founder Sam Bankman-Fried Seeks New Trial in New York

Sam Bankman-Fried, the embattled co-founder of defunct cryptocurrency exchange FTX, has filed a pro se motion for a new trial in Manhattan federal court. The February 5 filing argues newly discovered witness testimony could dismantle the prosecution's case against him.

The motion represents a parallel strategy to Bankman-Fried's ongoing appeal. From prison, the former CEO continues to assert FTX wasn't insolvent at collapse, claiming lawyers improperly forced bankruptcy proceedings. His social media statements directly contradict the government's narrative of fraudulent mismanagement.

This legal maneuver follows Bankman-Fried's October 2023 conviction on seven counts of fraud and conspiracy. Prosecutors alleged he orchestrated an $8 billion scheme involving FTX and sister hedge fund Alameda Research.