- Backpack’s portal allows global FTX creditors to sell claims directly to buyers without fees or profit taken by the platform.
- Over $470 million in restricted region claims, including $380 million from China, may now find liquidity through the Backpack service.
- Backpack’s ongoing dispute with the FTX estate has not halted verified payouts under its EU license, approved by the Cyprus authorities.
Backpack, a cryptocurrency exchange founded by former FTX insiders, has launched a new portal that allows FTX creditors to sell their debt claims directly to institutional buyers. The platform was officially introduced on July 18 through Backpack’s Chinese-language X account.
The company described the initiative as a neutral, non-profit effort aimed at helping users still affected by the collapse of FTX in 2022. The platform allows users to complete the entire process within Backpack’s system, including identity verification, claim validation, offer acceptance, and settlement.
Service Designed to Bridge Recovery Gaps in Restricted Markets
Backpack emphasized that the service charges no fees and will not generate profit. The initiative is expected to benefit FTX users in countries like China and Russia, where bankruptcy claim processing has faced hurdles. Users in these two regions account for approximately $470 million in claims, with Chinese users representing $380 million of that amount.
Many claims from users in restricted areas have been delayed or excluded from the official FTX bankruptcy process. The new Backpack portal aims to provide an alternative pathway for users to convert their claims into immediate liquidity by connecting directly with verified buyers.
Voluntary Participation Encouraged with Caution on Payout Timing
Backpack noted that participation in the program is optional. Users are encouraged to evaluate whether to sell their claims or wait for potential future distributions from the FTX estate, which may yield higher returns.
The company’s background remains tied to the FTX collapse. Co-founded by Armani Ferrante and Can Sun, both formerly associated with FTX, Backpack lost nearly 88 percent of its operating funds when FTX fell.
In January 2025, Backpack acquired FTX EU for $32.7 million, obtaining its MiFID II license and taking responsibility for €53 million in approved creditor repayments. The acquisition remains under scrutiny, as the FTX bankruptcy estate questions the legality of the deal.
Despite legal objections, Backpack has confirmed that Cyprus regulators approved the acquisition. The company began verifying users in April and started processing withdrawals in May for eligible EU users.
