Backpack: Providing cash subsidies to users affected by the October 11th market crash and announcing a new roadmap

Odaily Planet Daily reported that Backpack issued an announcement stating that it has completed the verification and processing of all cases during the market flash crash on October 11. During the entire incident, Backpack did not suffer any socialized losses or clawbacks. The risk engine remained stable under extreme pressure, and the system continued to operate normally during and after the incident.

To help affected users, Backpack has launched a cash compensation program, including:

Basis trade (spot-contract arbitrage) account:

Accounts with a leverage of less than 5 times will receive a 100% subsidy;

For accounts with a leverage higher than 5 times, partial subsidies will be provided based on the leverage ratio and market conditions.

Users whose BTC lending positions are passively reduced due to ADL: 100% subsidy.

Funds deposited before settlement: 100% released.

All liquidation fees: 50% refund.

Additionally, Backpack will be releasing a new roadmap outlining its plans and feature releases for the coming days, weeks, months, and year. Backpack is steadily moving towards the end of Season 4, with some long-awaited and significant updates still on the way.