Backpack Launches Portal for FTX Creditors to Sell Claims

Backpack Opens Claims Portal for FTX Creditors

Backpack has launched a dedicated portal to assist individuals affected by the FTX collapse. This platform allows FTX creditors to sell their debt claims directly to third-party buyers, streamlining the recovery process. The portal centralizes key functions, including identity verification, claim validation, offer receipt, and settlement.

Supporting Global FTX Users

• Simplified Claims Process: Backpack's portal aims to make it easier for FTX creditors to sell their claims.
• No Fees: Backpack is not charging any fees for using the service.
• Global Assistance: The platform particularly targets creditors in regions like China and Russia.

The FTX collapse in late 2022 deeply impacted the crypto community. Backpack, having experienced a $14.5 million loss due to FTX, is now focused on helping others recover their assets.

The new claims portal differentiates itself by providing an unbiased, non-profit platform where users can complete the entire claims process within Backpack. This includes verifying identity, confirming claims, receiving offers, and securing payment after the sale.

Focus on China and Russia

Backpack’s claims portal is particularly beneficial for users in China and Russia, where many FTX creditors are located. These regions hold approximately $470 million in claims, many of which faced complications during the formal FTX bankruptcy proceedings. Chinese users alone hold around $380 million in claims.

By directly connecting verified buyers and sellers, Backpack hopes to streamline and accelerate the recovery process for these users.

Important Considerations for Selling Claims

Backpack advises users to carefully consider their options before selling claims early. Claim holders may potentially receive a larger payout in the future as the official FTX estate progresses. Selling now might result in a lower return compared to waiting for the full bankruptcy compensation.

Backpack emphasizes that selling claims is not mandatory and encourages users to make informed decisions based on their individual circumstances. This is a personal financial choice, and what benefits one person may not benefit another.

Background on Backpack's FTX Involvement

This initiative is part of Backpack's broader effort to support FTX victims. In January 2025, Backpack acquired FTX EU for $32.7 million, assuming responsibility for repaying creditors €53 million. This acquisition, however, has faced scrutiny, with the FTX bankruptcy team questioning the asset transfer process and the alignment of Backpack's repayment plan with legal regulations.

Despite these challenges, Backpack maintains that the acquisition was approved by Cyprus regulators and operates independently of the primary FTX bankruptcy case. Backpack has been verifying users and processing creditor withdrawals in the EU since April.