BackPack Crypto Exchange Facilitates Claims Process for FTX EU Users
BackPack, a prominent crypto exchange, has officially initiated the claims process for users of the now-defunct FTX EU platform, as announced in a statement on April 1st.
Armani Ferrante, the CEO of BackPack, expressed his satisfaction with the progress, stating, “It’s been a long, complicated process with multiple parties, but we’re happy to finally open up identity verification for FTX EU customers on our website.”
To proceed with the claims process, individuals must complete KYC (Know Your Customer) verification using the same email address they utilized on FTX EU. This measure is designed to validate the authenticity of each claim and prevent fraudulent activities. While the verification step has been initiated, instructions for fund withdrawals are yet to be announced, with BackPack assuring that further guidance will be provided soon.
Ferrante reiterated the exchange’s commitment to expedite the return of funds in a secure manner, emphasizing, “Returning funds as quickly and safely as possible is our number one priority, and we’re here to answer any questions along the way.”
BackPack’s involvement with FTX EU commenced in January 2025 when it acquired the entity following approval from a bankruptcy court. The acquisition also granted BackPack access to the MiFID II license held by FTX EU under the Cyprus Securities and Exchange Commission (CySEC), enabling the exchange to offer compliant crypto derivatives, including perpetual futures, across the European Union. As part of the acquisition deal, BackPack agreed to oversee the claims and reimbursements owed to FTX EU customers.
With the impending repayments to large creditors, FTX is preparing to disburse claims exceeding $50,000 by May 30, marking over two years since its collapse in November 2022. FTX has indicated that most claimants will recover 118% of their debts based on values from the bankruptcy filing date, although some creditors argue that the figure does not factor in the surge in crypto prices since then.
As BackPack facilitates the claims process for FTX EU users and FTX gears up for creditor repayments, the digital asset industry is witnessing efforts to restore trust and financial stability among stakeholders.