Backpack Launches Portal for FTX Creditors to Sell Debt Claims Directly

Backpack, a cryptocurrency exchange founded by former FTX insiders, has launched a new portal that allows FTX creditors to sell their debt claims directly to institutional buyers. The platform was officially introduced on July 18 through Backpack’s Chinese-language X account. The company described the initiative as a neutral, non-profit effort aimed at helping users still affected by the collapse of FTX in 2022. The platform allows users to complete the entire process within Backpack’s system, including identity verification, claim validation, offer acceptance, and settlement.

Backpack emphasized that the service charges no fees and will not generate profit. The initiative is expected to benefit FTX users in countries where bankruptcy claim processing has faced hurdles. Many claims from users in restricted areas have been delayed or excluded from the official FTX bankruptcy process. The new Backpack portal aims to provide an alternative pathway for users to convert their claims into immediate liquidity by connecting directly with verified buyers.

Backpack noted that participation in the program is optional. Users are encouraged to evaluate whether to sell their claims or wait for potential future distributions from the FTX estate, which may yield higher returns. The company’s background remains tied to the FTX collapse. Co-founded by Armani Ferrante and Can Sun, both formerly associated with FTX, Backpack lost nearly 88 percent of its operating funds when FTX fell.

In January 2025, Backpack acquired FTX EU for $32.7 million, obtaining its MiFID II license and taking responsibility for €53 million in approved creditor repayments. The acquisition remains under scrutiny, as the FTX bankruptcy estate questions the legality of the deal. Despite legal objections, Backpack has confirmed that Cyprus regulators approved the acquisition. The company began verifying users in April and started processing withdrawals in May for eligible EU users.

Backpack, a wallet and exchange infrastructure provider, has launched a non-profit platform designed to facilitate the sale of FTX debt claims to third-party buyers. This initiative aims to streamline the process for creditors, particularly those in regions with restrictive crypto regulations, to offload their claims and receive compensation more efficiently. The platform offers a comprehensive, one-stop process that includes identity verification, claim validation, offer confirmation, and final settlement, all within a single interface. Notably, the platform ensures secure claim transfers with 24-hour USDC payouts, providing a swift and reliable solution for creditors.

The launch of this platform comes amidst growing frustration from creditors, especially in Asia, where access to compensation has been uneven. Backpack's move is seen as a response to the significant impact of FTX's bankruptcy on the industry, which caused considerable harm to the company as well. Having lost $14.5 million on FTX, Backpack understands the pain of being former FTX users and aims to provide a channel where users globally can offload their FTX claims. The platform's decision to offer a fee-free service is rooted in the shared experience of the industry's turmoil, aiming to connect FTX claim holders with third-party buyers seamlessly.

The process on Backpack's platform is straightforward. Users synchronize their FTX account on Backpack, receive an evaluation offer, and then sign a transfer agreement. Approximately 24 hours after the agreement is signed, users will receive the corresponding USDC payout. However, the evaluation offer and payout stages may require a longer wait time for users with larger claims, while smaller users with claims below $10,000 could experience faster processing.

The platform's launch is particularly relevant in regions with restrictive crypto regulations, where creditors face legal restrictions that hinder their ability to receive compensation. The move by Backpack to offer a debt transfer method is seen as a way to help users withdraw their FTX funds, especially in regions where filing claims through US-based bankruptcy channels is not feasible. This initiative positions Backpack as a facilitator and bridge, offering a channel to cash out FTX claims for underserved global users still reeling from one of crypto’s biggest collapses.

Despite the positive reception, some users remain skeptical about the platform's effectiveness. Many are waiting for the market to test Backpack’s system before fully embracing it. Additionally, there is skepticism stemming from ties between the Backpack founding team and the FTX exchange, which could raise questions about the platform's neutrality and reliability. However, Backpack's commitment to providing a non-profit, fee-free service aims to address these concerns and offer a transparent and efficient solution for FTX creditors.