IONQ
IonQ, Inc. · tracks IONQ · Stock
The five things to know first
A concise decision aid, not investment or legal advice. Open the sections below for sources, conditions and unknowns.
Why the health checks say warning
MarketwarningHolder concentration · 1/6 checks judged; 5 unknown
ControlgoodTrading pause · 2/3 checks judged; 1 unknown
Legal / evidencewarningLegal evidence review · 1/1 checks judged; 0 unknown
DeFi composabilitywarningDeFi enforceability · 1/1 checks judged; 0 unknown
Claim vs observed reality
Marketing says token balances adjust automatically; the binding mechanism changes the conversion ratio
Scope: programme-wide document conflict; on-chain state sampled on SPCX
Published claim
Backpack’s comparison table says corporate actions are automatically reflected through tokenized-share balance adjustments.
Observed reality
The binding Asset Tokenization Terms work a distribution through the deposit/detokenization conversion ratio: token count stays fixed while the units of underlying per token change. The on-chain ScaledUiAmount multiplier remained 1 with no scheduled change when re-read.
Why it mattersThe economic adjustment may still preserve value, but wallets do not necessarily show an automatic balance increase. The legally operative mechanism and the user-facing description are different.
What resolves itResolved when Backpack’s user-facing description and binding terms state one consistent corporate-action mechanism, with a live transaction or announced test showing which on-chain adjustment is used.
Observed
What you own
- Claim depth
- rung 3 of 4 — beneficial interest in the security
- Legal form
- Spv claim redeemable
Evidence
confirmedPursuant to the Instrument, a separate and distinct trust is established or declared by the Company in…
drive.google.com ·p. 7, cl. 3.5· read - What the holder owns
- The token is, in the issuer's own words, 'a non-negotiable digital record evidencing a pro rata beneficial…
Evidence
confirmedFor so long as the Tokens are supported by Backpack Exchange, the Company shall record and recognise only…
drive.google.com ·p. 5, cl. 1.18 'Tokenholder'· read - Issuing entity
- Trek Nexus Markets Ltd, a British Virgin Islands business company (or one or more of its affiliates), acting…
Evidence
confirmed"Instrument" means the declaration of trust of the Company dated June 6, 2026, by which the Company…
drive.google.com ·p. 3, cl. 1.7 'Instrument'· read - Jurisdiction
- British Virgin Islands (token issuer and the recognised beneficiary); New…
Evidence
confirmedBACKPACK SECURITIES GLOBAL LIMITED (9406953) Registered ... TREK LABS BROKERAGE SERVICES LIMITED (from 19 Feb…
app.companiesoffice.govt.nz ·company record 9406953, header (name and former…· read - Governing law
- British Virgin Islands law governs the Issuer Terms and Conditions, and…
Evidence
confirmedAny dispute arising out of, or in connection with, these Terms and Conditions, including their existence…
drive.google.com ·p. 19, cl. 15.2· read - Regulatory status
- The token side is unregulated and says so: 'The Company and the Tokens are not registered with, endorsed, or…
Evidence
confirmedOn April 21, 2026, Crypto Task Force Staff met with representatives from Trek Labs, Inc. and Barbour…
www.sec.gov ·p. 1, memorandum to the Crypto Task Force…· read - Redemption
- yes — holder, jurisdiction, route and fee qualifications below.
- Transfer restrictions
- allowlist no · KYC to hold no · US persons excluded yes · mechanism permanent-delegate
Evidence
confirmedtransferHook: { authority: 2cVYpagTt7ZGc3mmTXBa7fAznUtx5DUu6aCq8uVDaf4a, programId: null }…
api.mainnet-beta.solana.com ·rpc:getAccountInfo SPCXxcqXj6e5dJDVNovHN8744zkbh…· readconfirmedSelf-custodied tokenized securities on Solana with 24/7 trading, wallet-to-wallet transfers, DeFi…
support.backpack.exchange ·section heading 'Tokenized Securities Issued by…· readconfirmedBackpack Securities is available to eligible users only. It isn't available in the United States, the United…
support.backpack.exchange ·overview hint box, also repeated on the…· readconfirmedpermanentDelegate.delegate: 2cVYpagTt7ZGc3mmTXBa7fAznUtx5DUu6aCq8uVDaf4a
api.mainnet-beta.solana.com ·rpc:getAccountInfo SPCXxcqXj6e5dJDVNovHN8744zkbh…· read - Dividends
- reinvested
Evidence
confirmedSupported; tax treaty dividend withholding benefits will apply once this is enabled (tax certifications such…
support.backpack.exchange ·structure table, row 'Cash Dividends'…· read - Voting
- none
Evidence
confirmedSupported by the brokerage infrastructure (stock splits, mergers, certain spinoffs); reflected in balances is…
support.backpack.exchange ·structure table, row 'Corporate actions'…· read - Ledger maturity
- Level 0 · score 0
Can a holder actually redeem?
Documented, but not independently observed. Contract terms do not prove that an eligible holder can complete the route today.
- Contractual right
- YesDocumented
- Eligible holder and route
- Documented
Documented — see complete terms.
Practically: any user with a KYC-verified Backpack Exchange account in a supported region (not US/UK/UAE/Japan, not Backpack EU) can deposit the token and have it converted into a traditional securities holding. Legally: only Trek Forge Ltd (or its nominee/custodian) may submit a redemption request to the trustee; 'on-chain holders and holders of Exchange Account Entitlements have no entitlement to access Redemption or burning functionalities in the ordinary course' (cl. 4.1(a)). Direct redemption against the trustee is available only after a Direct Redemption Contingency and then only subject to the trustee's KYC/KYT, proof of entitlement and express register update. No Prohibited Person or U.S. person may be registered as beneficiary or exercise redemption (cl. 4.1(c)).
To convert between tokenized securities (onchain) and a security entitlement (traditional brokerage), you…
Source: support.backpack.exchange ·section 'Before You Start' (retrieved via… - KYC / AML
- YesDocumented
- Minimum
- Documented
Documented — see complete terms.
From Backpack's own asset API (https://api.backpack.exchange/api/v1/assets): minimumDeposit 0.004 SPCX, minimumWithdrawal 0.008 SPCX, withdrawalFee 0.004 SPCX. On the brokerage leg every stock order must be worth at least $1; fractional to 0.01 share during regular hours, whole shares only outside them.
- Fees
- Documented
Documented — see complete terms.
Withdrawal of a tokenized security from Backpack Exchange to Solana: an estimated platform fee of approximately $0.50, paid in the tokenized security being withdrawn, with no additional fees. Deposits (token to traditional securities): no Backpack fee, holder pays the Solana network fee. Stock trading: no separate commission or platform fee; the quoted price is the traded price. Transaction Costs of a redemption are borne by the holder and netted from proceeds; the trustee may also set off amounts owing.
An estimated platform fee of approximately $0.50 applies and is paid in the tokenized security being…
Source: support.backpack.exchange ·section 'Withdrawal: Moving Securities Onchain'… - Timing and settlement asset
- Documented
Documented — see complete terms.
Deposit the token from a Solana wallet into a Backpack Exchange account; the token is burned and the position becomes a traditional securities holding (a UCC Article 8 security entitlement) in the same account. The trustee's mechanics are: lock the tokens, burn them, then either transfer the pro rata portion of the pooled shares or — at the trustee's determination — sell them and relay the net cash proceeds ('Redemption Relay', cl. 4.2(iii)-(iv), cl. 4.6), so share delivery is not guaranteed. Onward movement to an outside broker is described as 'ACATS- and DTCC-eligible via the brokerage infrastructure', but Backpack's own support docs state plainly that 'ACATS transfers to other brokerages are still being worked on and are not currently available' and 'Support for external broker-to-broker stock transfers is still under development and is not yet available'.
Eligible tokenized securities can be withdrawn to an external Solana wallet without selling them. If you're…
Source: support.backpack.exchange ·hint box under 'Want to move your holdings… - Route currently available
- UnknownUnknown
- Successful redemption independently observed
- UnknownUnknown
- Secondary-market exit
- YesObserved
Markets, premium & holders
Reference & premium
- Reference source
- ondo-implied
- Reference price
- $40.31
- Underlying market
- open
- How the reference is derived
- marketCap / sharesOutstanding from the Ondo asset registry; no publish…
History
Daily observations from RWA Sonar’s snapshots. Gaps are missing measurements, not zero. Vertical markers are recorded evidence or control changes.
Loading daily history…
After-hours premium
No session split yet — this needs a full session of tape on both sides of the underlying market's open.
Depth, volume, activity
- Venues
- 1 DEX pair(s) · 0 exchange market(s)
Holder concentration
- Top 1 / 5 / 20, unlabelled owners only
- 60.2% / 79.1% / 84.7%
- Top 1 / 5 / 20, raw
- 60.2% / 72.9% / 84.7%
- Distinct owners in the top 20
- 11
- Frozen accounts in the top 20
- 0
- Supply
- 15,323.50
| Owner | Share |
|---|---|
56XjjK…mju2 | 60.21% |
FrhQJG…35Ec | 4.91% |
HwWjs6…XAHd | 3.02% |
CA9U1Z…cTA4 | 2.54% |
GpMZbS…xFbL | 2.25% |
Control surface & key governanceFreeze, pause, forced transfer and authority keys
Observed issuer powers
- Mint authority
BAwDA2…p7hp- Freeze authority
2cVYpa…af4a- Permanent delegate
2cVYpa…af4a- Paused right now
- no
- Rebase-authority governance
- Program
Evidence
confirmed"extension":"scaledUiAmountConfig","state":{"authority":"HK6jF79duLLLfCMRQFBSgo6CgQ5mF4tFMFU7CmKcXctZ","multip…
api.mainnet-beta.solana.com ·rpc:getAccountInfo SPCXxcqXj6e5dJDVNovHN8744zkbh…· read - Evidence
- rpc:getAccountInfo on SPCXxcqXj6e5dJDVNovHN8744zkbhM2bYudU45BimGb and on both authority keys, 2026-09-17. The…
Confirmed DeFi useObserved protocols, actions and collateral terms
Available now
Each exact-token integration states whether it is source-listed, market-observed, decoded or simulated. Structural compatibility is assessed separately below.
Raydium
source-reportedSwap · Provide liquidity
Swap the token or provide liquidity in 1 observed Raydium pool.
$458.6k pool liquidity · $4.56M volume 24 h · 1 pool
- Provide liquidityprotocol custody · smart-contract enforcement
- Swapatomic custody · smart-contract enforcement
An exact-token market was observed. Market-data collection observed this exact-token market. No configuration decoding or read-only execution simulation was performed. 1/1 published accounts existed; existence only. An activity indicator was observed; its stated basis is volume24Usd, txns24. Reported metrics are not independently executed trades. · Liquidity pool ↗
What could work in DeFi?
DeFi composability
No confirmed collateral route
No checked protocol currently accepts this exact token as programmatic collateral.
A contract can hold and transfer the token, but possession alone gives the lender no direct ordinary-course right against the trust. Realising value depends on a market sale or deposit into an eligible Backpack account, while the issuer can pause, rebase or remove the token from the escrow account.
Technically lockable, not autonomous
The lender can seize the token, not the trust claim
No checked protocol currently lists this exact token as programmatic collateral.
Conditional — issuer redemption requires KYC/AML and is not an autonomous smart-contract exit.
Observed exact-token pools: Raydium. Pool presence does not guarantee executable liquidation size.
Template: BVI bare-trust entitlement recognised through the Backpack/Trek Forge structure · token-2022 · pausable + clawback + rebase. “Can recover” means an issuer has the capability, not a duty to act.
Open the complete technology + legal template →
Can a protocol account hold and release it?
Technically lockable, not autonomous
A program-controlled token account can hold it and no holder allowlist is active, but a protocol must support Token-2022 pausing and scaled balances. The permanent delegate can transfer or burn the balance without the escrow program's signature.
Can the lender seize and realise value?
The lender can seize the token, not the trust claim
The lending contract can transfer or sell the on-chain balance if transfers are open. The trustee recognises Trek Forge, not the wallet holder, so the lender obtains no direct redemption, distribution or enforcement right merely by taking the token; ordinary exit requires a market buyer or a KYC-eligible Backpack account.
Can the transfer be stopped or reversed?
Issuer intervention is technically possible
The permanent delegate can remove or burn tokens from any token account and the mint can be paused. That may permit recovery after a hack, but no reviewed term obliges the issuer to act for the protocol, and the same power means protocol custody is not final.
Can a stranded balance be recovered?
Recovery depends on the issuer
A permanent delegate can technically extract or burn a balance stranded in an inaccessible program account. Whether Backpack would recognise the claimant and reissue or credit the position is discretionary and not a protocol-enforceable remedy.
Evidence, scenarios & technical detail
Verification
- Strength
- 0 of 5 — none
- Type
- None
Evidence
confirmedThe Company will provide or make available to Tokenholders periodic information or statements regarding their…
drive.google.com ·p. 11, cl. 4.8· read - Machine-readable
- no
Venues
DEX pools
| Pool | Price | Liquidity | Vol 24 h |
|---|---|---|---|
| raydium SOL | $41.85 | $458.6k | $4.56M |
Exchange markets
No exchange market reported.
Trust chain
Thirteen actors stand between you and the company, and nine rights flows run between them. A lane’s colour is how well the link is evidenced and its line style is how it was verified; neither is typed by hand. An actor nobody fills keeps its seat, because an empty one is the finding.
Colour — who said so
- documented — the source’s own words, read and quoted
- inferred — our reading of the structure, not the source’s words
- asserted — written down, nobody has checked since
- unknown — nothing found for the fields this link rests on
Line — how it was checked
- onchain — read off the ledger
- attested — a third party vouches for it
- self-reported — only the issuer says so
- none — not verifiable from where we stand
Ownership of the underlyingdocumented · self-reported
Ownership of the underlying: Underlying company → Custodian or prime broker → Token issuer → Token program and keys → Holder. legalForm=spv-claim-redeemable…
legalFormconfirmedholderClaimconfirmedunderlyingCustodianconfirmedcollateral.ratioconfirmedcollateral.compositionconfirmed
Security interestdocumented · self-reported
Security interest: Token issuer → Security agent or trustee → Holder. securityInterest.exists=no; securityInterest.priority=none
securityInterest.existsconfirmedsecurityInterest.holderconfirmedsecurityInterest.priorityconfirmedbankruptcyRemoteno claim
Issuance and redemptiondocumented · self-reported
Issuance and redemption: Holder → Tokenization provider → Token issuer. redemption.available=yes; redemption.eligibility=Practically: any user with a…
redemption.availableconfirmedredemption.eligibilityconfirmedredemption.railsconfirmedredemption.feesconfirmedredemption.kycconfirmedredemption.minimumconfirmed
Transfer and controldocumented · onchain
Transfer and control: Holder → Token program and keys → Tokenization provider. transferRestrictions.allowlist=no; transferRestrictions.kycToHold=no…
transferRestrictions.allowlistconfirmedtransferRestrictions.kycToHoldconfirmedtransferRestrictions.mechanismconfirmedkeyGovernance.freezeconfirmedkeyGovernance.delegateconfirmedknownExtensionsno claim
Dividends and cash entitlementsdocumented · onchain
Dividends and cash entitlements: Underlying company → Custodian or prime broker → Token issuer → Token program and keys → Holder. dividends=reinvested…
dividendsconfirmedcorporateActionsconfirmedkeyGovernance.rebaseconfirmed
Voting and information rightsdocumented · self-reported
Voting and information rights: Underlying company → Custodian or prime broker → Token issuer → Transfer agent → Holder. voting=none
votingconfirmed
Corporate actionsdocumented · onchain
Corporate actions: Underlying company → Custodian or prime broker → Token issuer → Token program and keys → Holder. corporateActions=For the token: dividends…
corporateActionsconfirmedkeyGovernance.rebaseconfirmed
Price and reserve verificationdocumented · self-reported
Price and reserve verification: Reference market → Attestor or oracle → Wallet or venue → Holder. pricing.referenceMarket=exchange-nbbo…
pricing.referenceMarketconfirmedpricing.arbitrageableconfirmedcustodyVerification.typeconfirmedcustodyVerification.agentconfirmedcustodyVerification.frequencyunverified
Regulatory permission and disclosuredocumented · attested
Regulatory permission and disclosure: Law, regulator and courts → Token issuer → Tokenization provider → Holder. regulatoryStatus=The token side is unregulated…
regulatoryStatusconfirmedgoverningLawconfirmedtransferRestrictions.usPersonsExcludedconfirmeddocumentsno claim
What if…
30 documented3 inferred1 unknown4 n/a
The same 38 questions are put to every issuer, so a gap is visible as a gap. An outcome is never invented. The quote behind each answer, the cases and where we looked are on the issuer panel.
Holder
documentedMy private keys are stolen and the tokens are moved. Can they be recovered, frozen or reissued?
Nothing comes back. The issuer states plainly that it cannot recover, replace or reimburse lost tokens, and that a transfer procured by theft or fraud cannot…
documentedI still hold my keys but was defrauded: a fake token, a fake redemption site, a social-engineered transfer. Does the issuer or venue offer any recourse?
No recourse, and the pre-emptive defence is weak: the issuer disclaims all liability for fraud losses and tells you to verify things yourself, while Backpack…
documentedI die. Can my heirs claim the tokens, transfer them or redeem them? Is a probate process recognised?
For a position sitting in a Backpack account there is a real estate route: the account is frozen on evidence of death and unlocked only when a fiduciary opens…
documentedA court orders my tokens transferred, frozen or seized (divorce, judgment, bankruptcy of the holder). Can the issuer comply, and will it?
Yes, and the power is pre-wired on both layers. Contractually the Company may blacklist, freeze or restrict transfer and redemption when directed by a…
documentedI move to a jurisdiction where the token is not offered (for example I become a US person). Can I keep it, sell it, redeem it?
You keep the token and lose the exit. No US person may be registered as beneficiary, redeem, receive distributions or require the Company to recognise…
documentedI am in, or become subject to, a sanctioned jurisdiction or list. Are my tokens frozen, seized, redeemable?
Frozen rather than seized, immediately and without notice, for as long as the designation lasts: the Company may stop dealing with you and your tokens until…
Wallet or venue
documentedThe venue or broker where I hold the tokens goes bankrupt. Are the tokens mine or the venue's estate?
It depends entirely on which of the three forms you hold, and the issuer says so. A token position recorded only on an exchange's internal ledger makes you an…
documentedThe venue delists the token or halts trading. Where can I sell, and can I withdraw to self-custody?
Backpack may suspend or disable the tokenization service for any or all Approved Assets, with or without notice, "for any reason whatsoever", including leaving…
Token program and keys
documentedMy token account is frozen by the issuer. On what grounds can that happen, with what notice, and is there an appeal?
On broad, self-judged grounds, with notice optional and no appeal published anywhere. The stated triggers are association with a Prohibited Person or…
documentedThe issuer uses the permanent delegate or a clawback to move or burn my tokens without my signature. When may it, and what do I get?
It may whenever it judges a transfer incomplete, erroneous or contrary to the terms, or on the compliance grounds in cl. 8.2, and it accepts no liability for…
inferredThe mint, freeze or delegate authority key is compromised or lost. Can tokens be minted without backing, frozen en masse, or seized? Is there a recovery path?
No document addresses key custody, multisig, rotation or incident response, and the issuer insures nothing. Structurally the exposure is as wide as Token-2022…
inferredThe token program, a transfer hook or the allowlist program has a bug or is upgraded. Who controls upgrades, and is a migration to a new mint foreseen?
One key decides. The program holding every mint, freeze, pause and delegate authority is BPF-upgradeable with a single upgrade authority, no audit is…
documentedThe multiplier or supply adjustment is set wrongly (too high, too low, late). Who corrects it, and who bears the trades made in between?
The party that sets the ratio also disclaims responsibility for getting it wrong, and may correct its own records: no Covered Party or Tokenization Party has…
Token issuer
documentedThe token issuer goes bankrupt. Is the underlying segregated from its estate, who enforces my claim, and roughly how long until I see anything?
On paper the shares are trust property held on bare trust in a separate pool per Approved Asset, with no cross-recourse and recourse limited to that pool — so…
documentedThe issuer decides to stop (as Remora did). What notice do I get, how do I redeem, and what if I miss the window?
You get no notice period and no redemption window. The Company may change, suspend or discontinue any aspect of the Protocol or token services at any time…
documentedThe issuer is acquired or its control changes (as Backed was by Kraken). Do my terms change, and can I redeem at that point?
The trustee can hand the arrangement to someone else on notice alone: no holder consent, no put, and no change-of-control clause anywhere in the five…
documentedThe backing turns out to be short (as with the SpaceX xStocks unwind). Who bears the loss, and how is it allocated among holders?
The loss is yours, shared pro rata across that pool, with no top-up obligation, no reserve and no recourse to the Company's own assets or to any other Approved…
documentedI ask to redeem and the issuer refuses or delays (KYC not accepted, minimum not met, gate). What are my rights?
You have almost no rights, by design. In the ordinary course you cannot redeem at all: only Trek Forge may submit a request to the trustee, and on-chain…
documentedThe issuer changes the terms after I bought. Can it, unilaterally? With what notice? Do I get to exit first?
Yes, unilaterally. A materially adverse amendment takes effect at least ten calendar days after posting, and in that window a Tokenholder "may submit a…
Tokenization provider
documentedThe platform operator (the tokenization provider under its services agreement) fails or terminates. Can the issuer operate without it, and can I still redeem?
This is the failure the structure is built around, and the only one that can make you a beneficiary. Backpack's permanent cessation, insolvency, or a…
Transfer agent
n/aThe transfer agent stops or loses its registration. Is my share still recorded, and can I convert to book-entry form?
There is no transfer agent in this structure to fail. SPCX is not a registered share with a book-entry register: it is a digital receipt for a beneficial…
Security agent or trustee
n/aThe security agent or trustee resigns, fails or is conflicted. Who enforces the pledge for holders?
No security interest exists, so there is no pledge to enforce and no security agent, collateral agent or security trustee that could resign or be conflicted. A…
Custodian or prime broker
documentedThe custodian or prime broker holding the shares goes bankrupt. Are the shares client property, insured (SIPC or equivalent), or part of the estate?
You carry it. The Risk Disclosure says a custodian's, broker's or venue's insolvency may leave your tokens "worthless, irredeemable or non-transferable", and…
unknownThe underlying is lent out or rehypothecated and the borrower defaults. What backs my token then?
We could not establish whether the SpaceX shares behind SPCX may be lent or rehypothecated. Nothing in the binding documents permits or forbids it: they allow…
Attestor or oracle
n/aThe proof-of-reserve or attestation is wrong, stale or stops. Who is liable, and what does the issuer do?
The case cannot arise because nothing is attested. There is no proof-of-reserve feed, no periodic attestation, no auditor report and no reserve endpoint for…
Underlying company
inferredThe company is acquired or merged, for cash or for shares. What do I receive, and when?
No document covers a merger of the referenced company. The machinery that exists points one way: anything the pool receives that is not the Approved Asset is…
documentedThe company is delisted or goes private. Does the token terminate, and at what value?
On the brokerage leg a delisting leaves you able to close the position and nothing more. For the token there is no termination clause and no final-valuation…
documentedThe company goes bankrupt. Do I take part in the shareholder recovery, or does the token just go to zero?
Because the trustee holds real Class A shares rather than a promise, a SpaceX bankruptcy is passed through rather than cut off: whatever those shares recover…
documentedA split, reverse split, spin-off or rights issue happens. How is it mirrored on-chain, and what happens to the parts that cannot be (a spun-off share, a right)?
Mirroring is by ratio, not by balance: your token count stays the same, the pool's unit count changes, and the redemption rate moves with it — the ToS works a…
documentedThe company pays a dividend and I do not receive it, or receive less than a shareholder would. Where does it go, and can I claim it?
You never receive a dividend as cash: the trustee must apply it to buying more units of the same asset, so it reaches you only as a better redemption ratio…
documentedWho withholds tax on dividends, at what rate, and can I reclaim under a treaty? Who reports my holding to tax authorities?
Withholding happens above you and is never quantified. Dividends are reinvested "net of any applicable fees, expenses, or withholdings", and Backpack says it…
n/aFor a private company: the IPO or liquidity event happens, or never happens. What do I receive, and what if the issuer never receives proceeds?
SPCX references Space Exploration Technologies Corp. Class A common stock, which has been listed on Nasdaq since 2026-06-12, so there is no pre-IPO liquidity…
documentedCan I vote the shares, and if not, who does? Do I receive shareholder information?
No, and there is no proxy path. The trustee votes the pooled shares only on instructions from "the relevant Tokenholder", a term the terms define as the person…
Reference market
documentedThe reference market is closed, halted or the oracle is stale. What price applies to trading, redemption and margin?
Redemption does not depend on a price at all: the conversion is a pro rata slice of the pool computed in units, so a closed market or a stale oracle cannot…
Law, regulator and courts
documentedA regulator acts against the issuer, the provider or a venue (licence revoked, cease-and-desist, enforcement). What happens to my holding?
Access and redemption can be suspended or cancelled, with no compensation clause and no holder consent. The one thing regulatory action can do for you is open…
documentedThe law changes: the token is reclassified, banned in my jurisdiction or the issuer's exemption ends. What happens to my holding?
A reclassification lands on you. The product's stated basis is that the token is not a security or a SIBA "investment" and is distributed outside the United…
documentedI have a dispute. Where do I sue or arbitrate, under which law, and can I join others (class action, collective redress)?
Three private forums, each excluding collective redress, and none in your own courts. Against the trustee: confidential BVI IAC arbitration before a sole…
Solana network
documentedSolana halts or forks. What happens to a redemption request, a corporate action or a deadline that falls in the outage?
Your entitlement survives, your ability to act does not. The record that confers rights is off-chain — the Company's internal register of beneficiaries, which…
Sources
- https://drive.google.com/file/d/1Bw7oNVFsrqu8SE41-xAIJfPJnhdNnNms/view · archived copy
- https://drive.google.com/file/d/1R1-MTQYGcWj5qk4q9vJcAsMwDwGP5Bok/view · archived copy
- https://drive.google.com/file/d/1stJoNwPAOaHDbFmL72OGSkAxyCf-_RCo/view · archived copy
- https://drive.google.com/file/d/1NK498yjlZRuy6FUjJ0tc9WMbNG1sxk9u/view · archived copy
- https://support.backpack.exchange/backpack-securities/stock-trading-hours-and-fees · archived copy
- https://support.backpack.exchange/backpack-securities/faqs · archived copy
Full answers, with the quotes, notes and primary-document register, in the issuer dossier
Health rules
| Check | Status | Value | Thresholds | Inputs | What it says |
|---|---|---|---|---|---|
| Price tracking | not measured | — | ≤ 1 % good · ≤ 3 % caution · > 3 % warning | reference source: ondo-implied · reference price: 40.3 · age seconds: — · market open: yes · usd price: — | no reference price for the underlying share, so the premium cannot be measured |
| Pool liquidity | not measured | — | ≥ $100,000 good · ≥ $10,000 caution · < $10,000 warning | liquidity usd: — · dex pairs: 1 | no venue reports liquidity |
| Organic flow | not measured | — | ≥ 10 % organic and ≤ 25 trades/trader good · one of the two fails caution · both fail warning | organic share pct: — · trades per trader: — · trades24: — | no 24 h trade count reported, so there is no flow to judge |
| Failed swaps | not measured | — | ≤ 20 % good · ≤ 50 % caution · > 50 % warning | pools: — · pools counted: 0 · signatures seen: — · failed tx: — | no swap pool was sampled for this mint |
| Holder concentration | warning | 60.2 | ≤ 25 % good · ≤ 50 % caution · > 50 % warning | top1 share pct excluding labels: 60.2 · top5 share pct excluding labels: 79.1 · top20 share pct excluding labels: 84.7 · top1 share pct: 60.2 · excluded: — · distinct owners top20: 11 | the largest unlabelled wallet holds 60.21 % of supply |
| Legal evidence review | warning | 0 | all required fields sourced and reviewed; reserve strength ≥ 3 good · coverage or review gaps, or reserve strength 1–2 caution · reserve strength 0 warning | custody type: none · machine readable: no · verification label: none · required fields: 46 · sourced fields: 44 · missing required: 2 · unverified claims: 25 · inferential conclusions: 1 · inference reviewed: 0 · inference unreviewed: 1 | 44/46 required fields sourced; reserve-verification strength 0/5 — none; 2 required fields lack evidence; 25 claims await re-checking; 1 inferential conclusion await review |
| DeFi enforceability | warning | — | permissionless custody and default enforcement good · usable with explicit protocol support or eligibility conditions caution · generic escrow or meaningful default enforcement is blocked warning | template id: backpack-securities--token-2022-pausable-clawback-rebase · escrow: conditional · borrower default: market-only · protocol hack: issuer-may-recover · access loss: discretionary-recovery | A contract can hold and transfer the token, but possession alone gives the lender no direct ordinary-course right against the trust. Realising value depends on a market sale or deposit into an eligible Backpack account, while the issuer can pause, rebase or remove the token from the escrow account. |
| Authority keys | not measured | — | every installed path is a multisig, or a program with evidenced multisig upgrade governance good · a hot key caution | mint: program · freeze: program · pause: — · delegate: program · transfer fee: — · rebase: program | how the authority keys are held was never characterised |
| Trading pause | good | — | not paused good · paused warning | control paused: no · issuer api paused: — | not paused |
| Frozen accounts | good | 0 | none in the top 20 good · ≥ 1 in the top 20 caution | frozen accounts top20: 0 · top20 count: 20 | no frozen account in the top 20 |
| Venue spread | not measured | — | ≤ 2 % good · ≤ 5 % caution · > 5 % warning | venue spread pct: — · venue spread low: — · venue spread high: — · venues priced: 1 | only 1 venue price this token, so there is no spread to measure |