Cryptocurrency exchange Backpack faced backlash after its China social media team announced plans to give free KFC meals to users affected by a flash crash earlier in October.
On Oct. 11, Backpack’s account posted that the company would compensate traders for liquidation losses following the market dip. The post, which has since been deleted, said maintaining user trust was the exchange’s “top priority.”
The post also revealed that 200 KFC meal vouchers would be distributed to users with the largest losses, redeemable through an official form. According to a translated version of the statement, the exchange said it hoped “to bring a bit of warmth to the community during this difficult period.”
Crypto exchange founder condemns post offering KFC
Backpack founder Armani Ferrante condemned the regional post, calling it “absurd” and “in extremely bad taste.” He clarified that Backpack operates several local social media accounts managed independently of the main team, and that the KFC giveaway was not authorized or approved by leadership.
“I hate the tweet,” Ferrante wrote. “It’s tempting to want to laugh about it. But this isn’t a laughing matter to me. It went viral.”
Despite the company’s attempt to distance itself from the post, it gained traction across social media. The community manager for Mad Lads, Backpack’s NFT collection, later shared a meme referencing a potential “KFC x Backpack” collaboration, further fueling the discussion online.
KFC revealed that it is launching a vending machine in Australia on October 18 that will give fans free crispy chicken, chips, potatoes, and more.
