Backpack has rolled out a dedicated portal to help FTX creditors sell their debt claims directly to institutional buyers.
The launch was announced on July 18 via Backpack’s Chinese X account, positioning the initiative as a “non-profit, neutral” solution for those still reeling from FTX’s dramatic collapse in 2022.
Backpack 正式开放 FTX 债权出售通道… pic.twitter.com/QkqwXFC4nD
— Backpack中文 (@Backpack_CN) July 18, 2025
Designed as a one-stop hub, the platform integrates identity verification, claim validation, offer confirmation, and final settlement processes within the Backpack interface. The company emphasized it will not charge any fees or profit from facilitating these transactions, aiming solely to create a smoother path to liquidity for affected users nearly three years after FTX filed for bankruptcy.
The new service could prove especially significant for creditors in China and Russia, regions where recovery efforts have been slow or excluded altogether from FTX’s official bankruptcy proceedings. Chinese users alone account for around $380 million out of a total $470 million in pending claims from both countries. By connecting these creditors with verified institutional buyers, Backpack hopes to bridge the gap created by legal and logistical hurdles.
However, Backpack cautioned that creditors should weigh their options carefully. Selling debt claims may provide faster liquidity, but it could also mean forfeiting potentially higher payouts if they wait for official distributions from the FTX estate. Participation in the platform remains entirely voluntary.
Founded by former Alameda Research engineer Armani Ferrante and ex-FTX general counsel Can Sun, Backpack has deep ties to FTX’s history. The exchange itself lost approximately 88% of its operating funds—about $14.5 million—when FTX collapsed in November 2022. Since then, the team has focused on transparency, implementing daily proof-of-reserves reporting and enhanced security across its services.
In January 2025, Backpack acquired FTX EU for $32.7 million, taking over its MiFID II license and responsibility for processing €53 million in approved creditor repayments. The acquisition has not been without controversy, as the FTX bankruptcy estate continues to challenge the legality of the deal, arguing that assets were transferred improperly and questioning whether Backpack’s repayment plans are legally enforceable.
If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
