Backpack, a cryptocurrency exchange founded by former FTX executives, has officially opened the fund claim process for FTX’s European customers as part of the broader effort to distribute recovery funds from FTX’s bankruptcy.
In an April 1 announcement, Backpack unveiled a two-step process for FTX EU customers to reclaim their euro holdings. The first phase, which involves identity verification, is now live. The second step, enabling withdrawals, will be introduced soon.
FTX’s Chapter 11 bankruptcy reorganization plan received court approval in October 2024, clearing the way for the repayment of creditors. Global asset distributions are currently being handled by Kraken and BitGo, which were selected to manage the technical execution of payouts.
However, Backpack’s involvement in processing funds for FTX’s European clients stems from its acquisition of FTX EU. The exchange secured approval from the FTX bankruptcy court and the Cyprus Securities and Exchange Commission in December 2024 to finalize the acquisition. This allowed it to restore FTX EU’s licenses and resume full crypto derivatives trading in the region.
As part of its expansion strategy, Backpack revealed plans to launch its European platform, Backpack EU, in the first quarter of 2025. The platform aims to offer a comprehensive range of crypto derivatives, including perpetual futures, across the European Union.
FTX collapsed in November 2022 and began repaying creditors on February 18, starting with “convenience class” claimants—those owed up to $50,000. These creditors are set to receive full repayment of their adjudicated claims and 9% annual interest accrued since November 2022, with payments expected to be completed by April 11.
The second phase of repayments, covering claims exceeding $50,000, is scheduled for May 30, according to FTX creditor representative Sunil. Larger creditors—institutional investors and venture capital firms—have not received payouts due to ongoing legal disputes and asset recovery efforts. The upcoming May 30 distribution marks a significant step toward resolving these claims, with approximately $16 billion allocated for total repayments.
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