According to @KookCapitalLLC, an Oct 11, 2025 post on X alleges that Backpack does not know how to run a legal or solvent exchange and references the founder’s background at FTX with SBF (source: @KookCapitalLLC on X, Oct 11, 2025). The allegation is unverified and the post provides no supporting evidence, so traders should treat it as a claim while reassessing counterparty risk and custody concentration (source: @KookCapitalLLC on X, Oct 11, 2025; U.S. SEC Office of Investor Education and Advocacy, Investor Alert on crypto asset accounts, 2022). During exchange stress events, liquidity can thin and spreads can widen, increasing slippage and execution risk for spot and derivatives traders (source: Bank for International Settlements, reports on crypto market liquidity and amplification mechanisms, 2022–2023). Practical checks include monitoring on-chain flows from exchange-labeled wallets and observing order book depth, stablecoin pegs, basis, and funding rates for dislocations (source: Nansen documentation on exchange wallet tracking, 2023; CFTC advisory on crypto derivatives risks and leverage, 2022).