Backpack Initiates FTX EU Customer Claims Process

Backpack, the new owner of FTX EU, has initiated the customer claims process, marking a significant step towards resolving the financial issues stemming from the collapse of FTX. The process, which began on April 1, 2025, involves a two-step procedure: Know Your Customer (KYC) verification and fund distribution. Former FTX EU customers are directed to create an account on the Backpack platform, submit their KYC information, and connect their new account to their old FTX EU claims account. This initial phase is crucial for verifying the identities of applicants before any funds are distributed.

Backpack has not set a deadline for this first phase, allowing users ample time to complete the necessary steps. However, the exact timeline for the second phase, which involves the actual distribution of funds, remains unspecified. Users will incur withdrawal fees of €5 for claims under €2000 and 0.25% of the amount for sums above that. It is important to note that these reimbursements are limited to balances in fiat currencies and pending fiat withdrawals. Users holding cryptocurrencies on FTX EU must file their claims through FTX International.

The clarification provided by Backpack states that all positions were closed using market prices at the time of the exchange’s closure and settled in euros. Users with pending crypto withdrawals as of November 11, 2022, should have filed a claim with the bankruptcy procedure of FTX in the United States. Additionally, Backpack does not consider residents of the European Union registered with FTX before March 7, 2022, as FTX EU customers. These users should file their claims with FTX International.

This initiative by Backpack represents a significant advancement for European victims of the FTX collapse, which occurred nearly three years ago. While other exchanges have already begun making reimbursements, European customers are finally seeing a glimmer of hope for recovering their funds. This process is a critical step in the recovery efforts, providing a structured and transparent method for former FTX EU users to reclaim their assets.