- Backpack opens claims portal helping FTX creditors sell debts more easily.
- No fees charged; Backpack aids global creditors, especially China and Russia.
- Backpack’s FTX EU deal faces scrutiny but continues EU creditor repayments.
Backpack has taken a big step to help people affected by the FTX collapse. The company has launched a special portal that lets FTX creditors sell their debt claims directly to third-party buyers. Users will be able to perform all these tasks at a single station, such as identity verification, claim verification, receipt of offers, and ultimate settlement.
Backpack Claims Channel Supports Users in China, Russia, and Beyond
Backpack announced this news on its official X account. The firm indicated that it is not going to impose any fee on this service. It also assured that it is not going to benefit in this process. This is aimed at assisting FTX claim holders to find buyers and recover some of their money in a shorter time.
The collapse of FTX at the end of 2022 shook the crypto industry. The loss of money occurred overnight, with many investors losing thousands of dollars. Due to the failure of FTX, Backpack itself lost 14.5 million. Due to this loss, Backpack realizes how agonizing the experience is to thousands of FTX users. The company now desires to assist other people to recover part of what they lost.
The new claims portal will be unlike other alternatives. It is not biased in any way and is not profit-making. The platform allows people to do the entire action within Backpack. They first establish their identity. Then they confirm their assertions. Then they get the offers and confirm them. Lastly, they are remunerated after the sale is made.
The claims portal of Backpack is particularly beneficial to users in some areas. A large number of FTX creditors reside in such countries as China and Russia. The two have a combined claim of approximately 470 million dollars. A good number of these claims, however, were deferred or excluded in the formal FTX bankruptcy procedure. As an example, Chinese users alone carry around $380 million in claims.
Due to these issues, the new platform of Backpack might provide these users with a better opportunity to regain a part of their money. The company aims to streamline the process and make it easier and faster by matching verified buyers and sellers with each other directly.
Backpack Urges Caution Before Selling FTX Claims Early
Backpack wants users to think carefully before making their claims. The company reminds the claim holders that they may receive even more money back in the future, once the official FTX estate completes its procedure. Selling at this time can result in a lower amount of money as compared to just waiting and receiving the complete bankruptcy compensation.
Backpack clarifies that it is not compulsory to sell claims. The company encourages all people to make wise decisions depending on their circumstances. They do not want users to know that it is a personal financial choice, and what is good for one person may not be good for another person.
This is one of the many initiatives that Backpack is taking to assist the victims of FTX. In January 2025, Backpack acquired FTX EU at the price of 32.7 million dollars. This put the company in charge of the license of FTX EU and the task of repaying the creditors 53 million euros.
However, this acquisition has not come without its issues. The core of FTX bankruptcy team has contended that the assets of FTX EU were transferred in the wrong manner. They state that the repayment plan of Backpack may not correspond to the legal regulations.
Despite these wrangles, Backpack claims that the Cyprus regulators had authorized the acquisition. The firm does not think that its activities are related to the primary FTX bankruptcy case. Backpack has been authenticating users and initiating creditor withdrawals in the EU since April.
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