Backpack Launches Portal for FTX Debt Claims Sales

Backpack, a cryptocurrency exchange founded by former FTX insiders, has introduced a new portal to facilitate the sale of debt claims by FTX creditors to interested third-party buyers. This initiative, announced on July 18, is described as a "non-profit, neutral" service aimed at supporting the broader cryptocurrency community affected by the 2022 FTX collapse. The platform streamlines the process for claim holders, offering identity verification, claim validation, offer confirmation, and final settlement, all within the Backpack interface. Notably, Backpack has stated that it will not charge any fees or profit from this service.

The primary objective of this new platform is to provide a more efficient path to liquidity for FTX users who have been awaiting compensation for nearly three years since the exchange's bankruptcy filing. This is particularly significant for users in restricted regions, where many claims have been delayed or excluded from the official bankruptcy procedure. By creating a direct sales channel between verified institutional buyers and claim holders, Backpack aims to address these issues and bridge the gap in the recovery process.

The portal is especially relevant for users in regions with substantial claims. Collectively, these users hold approximately $470 million in claims. The platform seeks to offer a solution to the challenges faced by these users, who have been hindered by the delays and exclusions in the official bankruptcy process.

Backpack has emphasized that users should carefully consider the opportunity to sell their debt claims. According to the company, holders who opt to wait for official estate distributions may eventually receive larger payouts, meaning that selling debt claims could involve opportunity costs. Backpack has stressed that participation in this process is entirely optional and should be based on individual financial judgment.

The launch of this portal is part of Backpack's ongoing efforts to support the cryptocurrency community following the collapse of FTX. The exchange, co-founded by former Alameda Research engineer Armani Ferrante and former FTX general counsel Can Sun, lost $14.5 million, or roughly 88% of its operating funds, when FTX collapsed in November 2022. Since then, Backpack has focused on transparency and security, implementing daily proof-of-reserves updates and enhanced security measures for all its products.

In January 2025, Backpack acquired FTX EU for $32.7 million, gaining control of its MiFID II license and taking responsibility for processing €53 million in approved creditor repayments. This acquisition has generated some controversy, as the FTX bankruptcy estate has disputed its legality, arguing that FTX EU's assets were improperly transferred and warning that Backpack's repayment plan might not be legally binding. Despite these disputes, Backpack maintains that its acquisition was approved by Cyprus regulators and remains independent of the main FTX bankruptcy process. The company began verifying user identities in April and initiated withdrawals in May for eligible EU creditors.