Backpack says 90% of its capital sat on FTX when the exchange collapsed

Backpack's founder said the exchange had roughly 90% of its capital parked on FTX when FTX collapsed. Backpack survived and later made a strategic acquisition, which the report frames around regulatory compliance and diversification. The disclosure is a reminder of how concentrated counterparty exposure to a single exchange nearly sank a smaller venue, a risk traders still weigh when choosing where to hold funds.