The crypto exchange Backpack has formally initiated the claims process for users affected by the now-defunct FTX EU platform, as announced in a statement on April 1.
BackPack’s CEO, Armani Ferrante, remarked:
“This has been a long and complex journey involving various parties, but we’re pleased to finally open the identity verification process for FTX EU customers on [our website.]”
Per BackPack’s website, claimants must complete KYC (Know Your Customer) verification using the same email address associated with their FTX EU account. This step is essential for verifying the validity of each claim and to mitigate fraudulent submissions.
As for the next phase, which concerns fund withdrawals, details have not yet been released. Backpack indicated that additional information would be provided shortly.
Ferrante also noted:
“Our top priority is to return funds as quickly and safely as we can, and we are here to respond to any inquiries throughout the process.”
BackPack’s Connection with FTX
This progress offers some relief to European users of the defunct exchange.
Backpack’s association with FTX EU began in January 2025 when a bankruptcy court approved its bid to acquire the entity.
The acquisition also allowed Backpack to obtain the MiFID II license that FTX EU held under the oversight of the Cyprus Securities and Exchange Commission (CySEC). This regulatory permission enables Backpack to provide compliant cryptocurrency derivatives, including perpetual futures, throughout the European Union.
As part of the acquisition agreement, Backpack committed to manage the claims and reimbursements owed to FTX EU customers.
At that time, Ferrante highlighted that the company’s duty was to facilitate the return of user funds, which is crucial for restoring confidence in the digital asset sector.
Efforts toward FTX Repayment
This announcement coincides with the wider FTX estate’s preparation for its initial round of substantial creditor repayments.
The bankrupt exchange has intentions to fulfill claims exceeding $50,000 by May 30, more than two years after its collapse in November 2022.
FTX has claimed that most claimants will recoup 118% of their owed amounts as per values on the date of the bankruptcy filing.
However, some creditors contend that this figure does not account for the increase in cryptocurrency prices since then.
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