Crypto exchange Backpack has initiated the first phase of the claims process for former FTX users in Europe.
According to an April 1 announcement, users will need to create an account on the exchange, submit Know Your Customer information, and connect it to their FTX EU claim account.
Backpack has not set a deadline for this phase of the claims process and has yet to provide a timeline for when distributions will begin. Users will face a withdrawal fee of €5 ($5.39) for claims under €2,000 ($2,158) and 0.25% for amounts above it.
Source: Armani Ferrante
Backpack acquired FTX EU in January 2025 to offer crypto derivatives, including perpetual futures, throughout Europe. The acquisition marked the end of a lengthy battle to buy the European arm of the bankrupt exchange.
Backpack CEO Armani Ferrante said at the time of the acquisition that the company was committed to returning FTX EU funds as fast and as safely as possible.
FTX creditor activist Sunil Kavuri told Cointelegraph in January 2025 that the sale of FTX EU to Backpack added “further confusion and nervousness among FTX EU customers and the repayment of their funds.”
“Some FTX EU customers signed up to these distributors, and they are confused about who will be distributing their funds back to them — Backpack, Kraken or Bitgo,” Kavuri said at the time.
Related: FTX’s 2-year repayment delay is a ‘win,’ claims trader who predicted FTX’s collapse
Details on the first part of the claims process
For distribution amounts, the FAQ page on Backpack’s website states that all positions were closed using market prices at the time the exchange was shut down, and each was settled in euros.
Furthermore, users with pending cryptocurrency withdrawals on Nov. 11, 2022, should have filed a claim in FTX’s US bankruptcy proceedings. Such users may be eligible to receive distributions from the FTX Recovery Trust, which Backpack is not involved with.
Additionally, EU residents who signed up for FTX before March 7, 2022, are not considered FTX EU customers and should file their claims with FTX International, not Backpack.
FTX Estate’s next round of distributions on May 30
FTX Digital Markets, separate from FTX EU, distributed its first round of reimbursements on Feb. 18, with exchanges BitGo and Kraken facilitating the distributions. That first round of reimbursements went to “Convenience Class” members, those with claims under $50,000.
The next round of reimbursements tied to FTX’s US bankruptcy proceedings is set to go out on May 30 and includes creditors under Class 5 Customer Entitlement Claims and Class 6 General Unsecured Claims. FTX is expected to use $11.4 billion to make the payments
Magazine: The $2,500 doco about FTX collapse on Amazon Prime… with help from mom
