The recent announcement by crypto exchange Backpack marks a pivotal moment for former FTX users situated in Europe. As of April 1, 2025, Backpack has officially initiated the first phase of the claims process, offering a structured approach for users seeking to reclaim their assets.
Users interested in filing their claims are required to create an account on the Backpack platform. This process involves submitting Know Your Customer (KYC) information, which will then be connected to their respective FTX EU claim accounts. As of now, there is no specified deadline for this initial phase, nor has a timeline been given for when users can expect to see distributions of their funds.
It is important to note that users will incur a withdrawal fee of €5 (approximately $5.39) for claims amounting to less than €2,000 ($2,158), while a fee of 0.25% will apply for claims exceeding this amount. This fee structure has raised some questions among users regarding the overall accessibility of the reclaiming process.
Source: Armani Ferrante
This initiative follows Backpack’s acquisition of FTX EU in January 2025, a strategic move that aimed to offer a range of crypto derivatives, including perpetual futures, to users across Europe. During the acquisition announcement, Backpack’s CEO, Armani Ferrante, emphasized the company’s commitment to returning FTX EU funds swiftly and safely. However, the change in ownership has led to further concerns among FTX EU customers regarding the distribution of their funds.
Sunil Kavuri, an FTX creditor activist, articulated the confusion that this acquisition has created. With various entities such as Backpack, Kraken, and Bitgo all potentially involved in financial distributions, many users were left uncertain about which organization would ultimately be responsible for facilitating their reimbursements.
Details on the First Phase of the Claims Process
According to Backpack’s FAQ, claims will be processed based on the market prices at the time FTX was shut down, and all positions will be settled in euros. Additionally, users who had pending cryptocurrency withdrawals on November 11, 2022, are advised to have filed claims during FTX’s US bankruptcy proceedings. These users may receive distributions from the FTX Recovery Trust, a process in which Backpack is not directly involved.
EU residents who registered with FTX before March 7, 2022, will not be considered FTX EU customers and are instructed to file their claims with FTX International instead.
Upcoming Distributions from the FTX Estate
On a related note, FTX Digital Markets, distinct from FTX EU, has already commenced reimbursement distributions. The first round occurred on February 18, benefiting “Convenience Class” members—those holding claims under $50,000. A subsequent round of reimbursements is anticipated on May 30, 2025, targeting creditors categorized under Class 5 Customer Entitlement Claims and Class 6 General Unsecured Claims. It is estimated that FTX will utilize approximately $11.4 billion for these upcoming payments.
As the claims process unfolds, former FTX users in Europe are closely watching Backpack’s actions to ensure they regain access to their investments amid a turbulent marketplace.
