Odaily Planet Daily reports that Backpack posted on X that earlier today, a Polymarket trader held a large open position betting that BP’s FDV would exceed $200 million one day after TGE. As the settlement window approaches, BP is trading at approximately $0.19, suggesting that traders have been buying large amounts of BP tokens in an attempt to push the price above $0.20 to win the Polymarket bet. Backpack stated it has immediately launched an investigation and confirmed that these traders are not employees, directors, executives, advisors of Backpack, nor are they affiliated with Backpack in any way. Backpack emphasized its zero-tolerance policy toward any form of insider trading.
Backpack Investigates Suspected BP Price Manipulation on Prediction Markets
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Summary
Backpack is investigating suspected manipulation of BP price predictions on Polymarket. A trader holds large positions betting that BP’s FDV will exceed $200 million after the TGE. With the settlement window approaching, BP is trading around $0.19, and traders are purchasing heavily to push the price above $0.20. Backpack confirmed no affiliation with the company and reaffirmed its zero-tolerance policy toward insider trading. The situation underscores ongoing concerns regarding price prediction markets.
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