Backpack Launches No-Fee Portal for FTX Claims in Restricted Regions

Backpack has introduced a no-fee portal designed to facilitate the sale of FTX claims for users in restricted regions, aiming to enhance liquidity access for these claim holders. The platform is particularly focused on areas such as China and Russia, where over $470 million in claims are pending. This initiative allows FTX creditors to sell their claims directly to buyers without incurring any platform fees, thereby streamlining the process and reducing traditional barriers associated with bankruptcy claim recoveries.

The portal offers a seamless experience for users, including identity verification, claim validation, and settlement, all within the system. This integrated process ensures that claim holders can access liquidity more efficiently. The platform's regulatory approval by Cyprus authorities, which granted Backpack an EU license, further legitimizes its operations. This approval allows Backpack to process verified payouts to eligible users, despite ongoing disputes with the FTX estate. Since April 2025, the company has been actively verifying claimants and facilitating withdrawals, reinforcing its commitment to compliance and user protection.

Backpack’s acquisition of FTX EU and its MiFID II license plays a crucial role in legitimizing its operations. The regulatory endorsement allows Backpack to process verified payouts to eligible users, reinforcing its commitment to compliance and user protection. This regulatory backing distinguishes Backpack’s portal as a credible alternative for claim holders seeking liquidity amid complex bankruptcy proceedings.

Participation in Backpack’s claim sale program is entirely voluntary, with the company advising users to carefully weigh their options. While immediate liquidity can be advantageous, claim holders should consider potential future distributions from the FTX estate, which may offer higher returns. This balanced approach empowers users to make informed decisions based on their individual financial circumstances and risk tolerance. Backpack’s transparent framework and no-fee structure further enhance user confidence, promoting a fair marketplace for distressed asset transactions.

Founded by former FTX insiders Armani Ferrante and Can Sun, Backpack has demonstrated operational resilience despite significant financial setbacks following FTX’s collapse. Losing nearly 88% of its operating funds, the company strategically acquired FTX EU to regain footing and expand its service offerings. This acquisition, valued at $32.7 million, includes responsibility for €53 million in creditor repayments, underscoring Backpack’s commitment to creditor recovery. The founders’ intimate knowledge of FTX’s infrastructure and creditor needs positions Backpack uniquely to navigate the complexities of post-bankruptcy claim settlements.

Backpack’s initiative may set a precedent for how cryptocurrency bankruptcy claims are managed in jurisdictions with regulatory or operational restrictions. By providing a no-fee, transparent platform that connects claim holders directly with institutional buyers, Backpack addresses a critical liquidity bottleneck that has hindered recovery efforts globally. This model could inspire similar solutions, fostering greater market efficiency and creditor empowerment in future insolvency cases within the crypto sector.

Backpack’s no-fee portal represents a significant advancement in facilitating liquidity for FTX creditors, particularly those in restricted regions facing limited recovery options. Backed by regulatory approval and a robust verification process, the platform offers a transparent, user-centric alternative to traditional bankruptcy claim settlements. As the crypto bankruptcy landscape evolves, Backpack’s approach highlights the importance of innovation and regulatory compliance in enhancing creditor outcomes. Users are encouraged to assess their individual situations carefully and consider this new avenue for claim monetization.