Backpack Launches Fee-Free Platform for FTX Creditors to Sell Claims

Crypto exchange Backpack has introduced a new fee-free platform aimed at assisting creditors of the defunct FTX in selling their debt claims. This platform operates on a non-profit basis, facilitating safe and direct connections between victims and third-party buyers. The service is particularly designed to support users affected by the 2022 closure of FTX, especially those in regions with restricted access to financial services.

On July 18, 2025, Backpack officially launched a claims sale channel through its Chinese X account. The platform is described as a non-profit, neutral tool intended to support former FTX users. It simplifies the process of claim transfers, allowing users to complete all steps, from identity verification to pricing and settlement, in a single location. Backpack confirmed that no fees will be charged for using the service, making it an attractive option for those seeking to liquidate their claims.

The process of using the platform is straightforward and user-friendly. Users need to link their FTX accounts to Backpack and receive a claim valuation. If they accept the offer, they sign a transfer agreement and receive their payout in USDC within approximately 24 hours. This platform is especially relevant for users in various countries where FTX creditor payouts are currently restricted, including China and Russia, which together account for approximately $470 million in frozen claims, with $380 million held by Chinese users alone.

Backpack's connection to FTX is significant. The platform lost 88% of its funds in the collapse, totaling $14.5 million. The exchange was founded by Armani Ferrante, a former engineer at Alameda Research, and Can Sun, a retired general counsel at FTX. These links position Backpack uniquely to understand and address the challenges faced by former FTX users. Since the FTX crisis, Backpack has worked to rebuild trust, transparency, and user safety, providing daily proof-of-reserves and tightening its internal controls.

In January 2025, Backpack acquired FTX EU for $32.7 million, securing a MiFID II license that allows it to operate in Europe and take responsibility for €53 million in creditor repayments. However, this acquisition raised concerns from the FTX bankruptcy estate regarding the legality of the asset acquisition and the enforceability of the repayment plan. Backpack responded by stating that regulators in Cyprus had approved the deal and that it was not part of the U.S. bankruptcy proceedings. With this approval, Backpack has moved forward with verifying EU users and enabling withdrawals for eligible creditors.

Backpack's initiative is part of a broader effort to support FTX creditors during this challenging time. The platform not only provides a marketplace for selling claims but also ensures that the process is secure and compliant with regulatory standards. This approach is likely to attract more users, as it addresses the concerns of both buyers and sellers regarding the legitimacy and security of transactions. The platform's fee-free structure is a key differentiator, as it pledges zero profits from the process, generating excitement among FTX creditors seeking reliable ways to sell their claims. The direct transactions facilitated by the platform eliminate the need for intermediaries, making the process more efficient and straightforward.