Risk disclosure

Coins launched here are memecoins with no income, no assets and no backing. Most lose most of their value, many go to zero, and prices can move by large amounts in seconds. Liquidity can be thin on the curve and after graduation. Solana transactions are final: a mistaken trade or a wrong address can't be undone.

A coin priced in a tokenized stock is not that stock and is not linked to the company behind it. Holding or backing a coin gives you no claim on any share, on the stock's issuer or custodian, on the company, on Backstock, or on a launch's vault. Nothing here is a security offering, a fund or a deposit.

The quote asset itself is a token issued by a third party. Whatever rights it carries are set by its issuer (for xStocks, Backed's prospectus), not by Backstock, and its price can depart from the underlying share, especially when the home market is closed.

Tokenized stocks are Token-2022 tokens whose issuers keep control over every token in every account. On the xStocks mints that Backstock allows today, the issuer can:

• Move or burn tokens from any account (permanent delegate). That includes a launch's vault: its quote reserve, its unclaimed backer credit and the raise before launch could be taken out by the issuer.
• Pause every transfer of the token. While paused, backing, refunds, trades on the curve or the pool, agent trades, fee collection, payouts and graduation all fail for every launch priced in it. The program fails these cleanly and the vault agent stands down, but nothing moves until the issuer resumes.
• Freeze a specific account. A frozen vault account strands that launch's quote until the issuer thaws it.
• Turn on a transfer hook later. It is off today; if an issuer enables one, Backstock refuses to trade that quote until it supports the hook, so launches priced in it stop trading through Backstock.
• Change the display multiplier. Dividends and splits change how many tokens a balance displays as, not the raw balance. Backstock accounts in raw units and labels the multiplier when it isn't 1, but amounts shown elsewhere (wallets, explorers) may look different.

Issuers, their custodians and their brokers can also fail, be sanctioned or stop supporting a token. SOL and USDC quotes avoid the share-related risks; USDC's issuer can still freeze accounts.

xStocks and similar tokenized stocks are not offered to US persons. Backstock may not be used by US persons or from United States (and US persons anywhere), Canada, United Kingdom, Australia, Cuba, Iran, North Korea, Syria, Russia, Belarus, Crimea and the so-called Donetsk and Luhansk People's Republics. The legal status of pooling tokenized stocks and of memecoins priced in them is unsettled and differs by country; rules can change and may force us to restrict access, including to launches you already backed (reading and claiming on-chain stays possible through the program itself).

• The vault agent is software holding one key. It sells into strength and buys dips inside on-chain limits, but it can be wrong, late or offline, and its trades can lose money. A stolen agent key can trade a vault up to the same limits.
• Payback is conditional: backers are repaid only once the vault's liquid quote reaches 5× what it held at launch, then 15% of the vault at most every 4h. Many vaults will never get there.
• The platform can pause the vault agent and new launches. A quiet launch can be wound down by anyone once it meets the dead-launch rule; the vault then sells what it holds, at whatever the market pays, to backers.

The platform admin key (a single key at launch; it is also the program's upgrade authority) can withdraw any vault's quote and tokens to the fee recipient with admin_withdraw_vault, and a single dev key can withdraw them to its own wallet with dev_withdraw_vault, even while the platform is paused. Every withdrawal is a public on-chain event shown on the launch page. The admin key can also upgrade the program and change platform parameters for new launches. You are trusting these keys.

Launches trade on Raydium LaunchLab and graduate to a Raydium CPMM pool through Raydium's own crank; a bug, pause or change on Raydium's side affects every launch. USD values come from price feeds (Jupiter, Pyth) that can be stale or wrong, particularly outside US market hours. RPC providers, wallets and this website can be down or compromised.

The Backstock program, the programs it calls and this site can contain bugs that lose funds. On-chain rules limit what any one key can do, but they can't rule out mistakes in the rules themselves.

Trades, payouts and fee claims may be taxable where you live. You are responsible for your own taxes.

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