Backpack, a Crypto Trade based by former FTX insiders, has launched a brand new portal to assist FTX collectors promote their money owed on to third-party consumers.
The announcement got here on July 18th in a submit on the China X account for the Backpack. The corporate described the initiative as a “non-profit impartial” service aimed toward supporting the broader crypto group affected by the 2022 FTX collapse.
The brand new platform provides a one-stop course of for claimants, together with identification verification, billing verification, providing verification and ultimate funds. The backpack stated it will not cost you and wouldn’t profit from the service.
Backpack formally opens the FTX debt gross sales channel… pic.twitter.com/qkwxfc4nd
— Backpack中 (@Backpack_CN) July 18, 2025
The purpose is to offer a smoother path to liquidity to FTX customers who’re nonetheless ready for protection virtually three years after the alternate's chapter submitting.
This portal is especially vital for FTX customers in restricted areas equivalent to China and Russia. Collectively, these customers' payments are round $470 million, of which $380 million comes from Chinese language customers alone.
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Restoration is hampered by delaying or utterly excluding many of those claims from FTX's official chapter proceedings. By offering a direct gross sales channel between verified institutional consumers and claims house owners, the backpack platform goals to fill that hole.
Customers are inspired to contemplate the chance rigorously. In response to the backpack, promoting debt claims can have alternative prices as holders ready for official actual property distributions might in the end obtain a big cost. The enterprise emphasised that engagement is completely non-compulsory and ought to be decided by particular person monetary judgments.
The historical past of backpacks is carefully linked to FTX. When FTX collapsed in November 2022, the backpack was co-founded by former Alameda analysis engineer Armani Ferrante and former FTX authorized counsel Can Solar, shedding $14.5 million, or about 88% of its working funds.
Since then, the group has prioritized openness by introducing every day appointment updates and stronger safety measures for all merchandise.
In January 2025, Backpack acquired the FTX EU for $32.7 million, gaining management of the MiFID II license and was chargeable for processing 53 million euros on permitted creditor repayments. That buy sparked some controversy.
FTX Chapter Property challenges the legality of the transaction, claiming that FTX EU belongings are being transferred inappropriately and that backpack reimbursement plans will not be legally binding.
Regardless of the continued battle, Backpack claims that its acquisition has been permitted by Cyprus regulators and is unrelated to the most important FTX chapter course of. We started verifying person IDs in April and started withdrawing in Could of eligible EU collectors.
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