Backpack Launches Portal for FTX Creditors to Sell Debt Claims

Backpack has launched a new portal designed to assist FTX creditors in selling their debt claims to third-party buyers. This initiative aims to streamline the process, allowing users to complete tasks such as identity verification, claim verification, receipt of offers, and final settlement all in one place. The company has emphasized that no fees will be charged for this service, and it will not benefit financially from the process. This move is part of Backpack's broader effort to help FTX users recover some of their losses following the collapse of the crypto exchange at the end of 2022.

The FTX collapse resulted in significant financial losses for many investors, with some losing thousands of dollars overnight. Backpack itself suffered a loss of 14.5 million due to the failure of FTX. Recognizing the pain and frustration experienced by FTX users, Backpack is now committed to assisting others in recovering part of their lost funds. The new claims portal is designed to be unbiased and non-profit-making, providing a straightforward process for users to sell their claims.

The claims portal is particularly beneficial for users in certain regions, notably China and Russia, where a large number of FTX creditors reside. These regions have a combined claim of approximately 470 million dollars. However, many of these claims were deferred or excluded in the formal FTX bankruptcy procedure. For instance, Chinese users alone carry around 380 million dollars in claims. The new platform by Backpack aims to provide these users with a better opportunity to regain a portion of their money by matching verified buyers and sellers directly, streamlining the process and making it faster and easier.

Backpack has urged users to carefully consider their options before selling their FTX claims. The company reminds claim holders that they may receive more money back in the future once the official FTX estate completes its procedure. Selling claims at this time could result in a lower amount of money compared to waiting for the complete bankruptcy compensation. Backpack clarifies that selling claims is not mandatory and encourages users to make wise decisions based on their individual circumstances. The company emphasizes that this is a personal financial choice, and what is good for one person may not be suitable for another.

This initiative is one of several steps Backpack is taking to assist the victims of the FTX collapse. In January 2025, Backpack acquired FTX EU for 32.7 million dollars, taking control of the license and the task of repaying creditors 53 million euros. However, this acquisition has faced scrutiny from the core FTX bankruptcy team, who contend that the assets of FTX EU were transferred improperly and that Backpack's repayment plan may not comply with legal regulations. Despite these challenges, Backpack maintains that the acquisition was authorized by Cyprus regulators and that its activities are not related to the primary FTX bankruptcy case. The company has been authenticating users and initiating creditor withdrawals in the EU since April.