Backpack founder criticizes Neo Finance project status

On January 17, Armani Ferrante, the founder and CEO of Backpack, wrote on social media that many of the projects touted as "the new generation of Internet finance" were severely emasculated, experienced degradation, cost more and lacked protection measures. He pointed out that some tokens are similar to stocks but do not have dividends, voting rights, or SIPC insurance, while some projects are similar to banks but do not support deposits, checks, payroll processing, or account transfers. They also charge cumbersome transaction fees but do not provide investor protection and publicly disclose personal data.