Backpack launches fee-free FTX claims marketplace, enabling creditors to sell claims directly to buyers, targeting liquidity for $470M in global claims.
Backpack, a crypto exchange with connections to FTX, has introduced a new platform enabling creditors to sell their debt claims. This portal operates on a non-profit basis to facilitate direct on-platform transactions, providing a fee-free solution for FTX users who wish to sell their claims.
Backpack Portal to Assist FTX Creditors
Backpack, a crypto exchange, announced the launch of a “non-profit, neutral” service platform in an X post earlier today. The platform is intended to address the broader crypto ecosystem impacted by the FTX debacle in 2022. The Chinese X account of the exchange shared a post on July 18, 2025, citing Backpack’s official opening of the FTX Claims sale channel. The post continued to read,
Having lost $14.5 million on FTX, we deeply understand the pain of being former FTX users. To assist other users who still hold FTX claims, we are launching a non-profit, completely neutral claims sale channel starting today, helping FTX global claim holders connect with third-party buyers willing to purchase FTX claims.
It is important to note that the platform simplifies the claims process by allowing users to complete real-name authentication, credit verification, pricing, and settlement payment in a single location. As the exchange guarantees, it will be non-profit and fee-free to prevent consumers from being charged or exploited for the service.
The procedure entails users linking their FTX account to Backpack, receiving an evaluation offer, and signing a transfer agreement, per analyst AB Kuai Dong. On X, he stated, “Users will receive the corresponding USDC payout approximately 24 hours after the agreement is signed.”
The FTX filed a motion in a US bankruptcy court to temporarily halt creditor payouts in 49 countries with stringent crypto regulations. Consequently, Backpack’s platform concentrates on users in restricted regions such as China and Russia, and it has approximately $470 million in claims with the insolvent exchange. Approximately $380 million of that total is attributed to Chinese users.
The turbulent history of backpacks with FTX
Intriguingly, Backpack has a profound historical relationship with the defunct crypto exchange. The exchange lost $14.5 million, which accounted for approximately 88% of its operating funds, due to the 2022 FTX collapse. It is important to emphasize that Armani Ferrante, a former engineer at Alameda Research, and Can Sun, a former general counsel at FTX, were co-founders of Backpack.
Backpack has prioritized security and transparency since the collapse, enhancing its product safeguards and implementing daily proof-of-reserves updates. The exchange acquired FTX EU for $32.7 million in January 2025. The platform’s MiFID II license was acquired through this transaction, and it assumed the responsibility of managing €53 million in creditor repayments.
Nevertheless, the FTX bankruptcy estate raised concerns regarding the agreement’s legality, which prompted controversy. They expressed apprehension regarding the improper transfer of assets from the acquired exchange. Backpack’s repayment plan was also the subject of inquiries regarding its legal enforceability.
Backpack maintains that Cypriot regulators authorized its acquisition and is distinct from the primary bankruptcy proceedings. Consequently, it will enable the platform to proceed with user verification and withdrawals for eligible EU creditors.
