Backpack says no insider trading occurred in Polymarket bet

Cryptocurrency exchange Backpack (BP), which recently conducted its token generation event (TGE), stated on its official X account that no insiders were involved in a related bet on Polymarket. The exchange explained that a trader on Polymarket had placed a large bet that Backpack's fully diluted valuation (FDV) would surpass $200 million within a day of its TGE. As the betting deadline approached while BP's FDV remained around $190 million, some traders appeared to have purchased large amounts of the BP token to push its valuation over the $200 million threshold and win the bet. Backpack added that it launched an investigation but determined the traders involved were not company insiders, emphasizing that the exchange does not tolerate insider trading.