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Backpack Initiates FTX EU Fund Claim Process

Crypto exchange Backpack, started by ex-FTX executives, has initiated a two-stage fund claim process for FTX EU customers, driving worldwide repayment efforts linked to collapsed FTX platform.

Identity Verification Now Live

April 1, Backpack announced that Step 1—identity verification—is now live. It is the initial step in securing euro-denominated funds. Step 2 to enable users to withdraw their balances will follow shortly.

Part of FTX’s Global Bankruptcy Recovery

The action follows a U.S. judge’s approval of FTX’s Chapter 11 bankruptcy strategy in October 2024. The ruling facilitated international distributions of funds, and Kraken and BitGo were selected as technical partners to oversee repayments.

Backpack’s Role Explained

Backpack’s role is through its purchase, in December 2024 after getting approvals from the Cyprus Securities and Exchange Commission and the FTX bankruptcy court, of FTX’s EU arm. The purchase allowed Backpack to restore FTX EU’s licenses and resume crypto derivative services for European customers.

Background on FTX’s $13 Billion Repayment

FTX filed for bankruptcy in November 2022, initiating a $13 billion repayment plan. Disbursements began on Feb. 18, 2025, targeting “convenience class” creditors—those with claims up to $50,000. These claimants are set to receive full repayments plus 9% interest by April 11.

What’s Next for Creditors

A second round of distributions for larger claims—above $50,000—is scheduled for May 30, according to creditor representative Sunil.

Backpack’s recent move emphasizes the global effort to deal with the consequences of FTX’s collapse and compensate affected users.