Backpack has launched a new platform allowing creditors to sell their claims against the defunct FTX exchange without fees. This service is aimed at aiding victims of the 2022 incident.
A Platform Built for FTX Victims
On July 18, 2025, Backpack announced the launch of a claims sale channel through its Chinese X account. The platform is described as a non-profit, completely neutral tool designed to support former FTX users.
The platform aims to simplify the process of claim transfers. The company cited its own $14.5 million loss in the 2022 FTX collapse as a reason for launching the service. Users can complete all steps, from identity verification to pricing and settlement, in a single location.
As confirmed by the exchange, no fees will be charged for using the service.
Backpack Offers Fast Payouts for FTX Creditors in Restricted Countries
The process is simple and user-friendly. Users need to link their FTX accounts to Backpack to receive a claim valuation. If they accept the offer, they sign a transfer agreement. About 24 hours later, they receive their payout in USDC.
This platform is particularly relevant for users in various countries where FTX creditor payouts are currently restricted. These countries include China and Russia, which together account for approximately $470 million in frozen claims, with $380 million held by Chinese users alone.
Earlier this month, more than 500 Chinese creditors sued the bankrupt crypto exchange in a U.S. court.
Backpack Rebuilds After FTX Collapse
Backpack’s connection to FTX runs deep. The platform lost 88% of its funds in the collapse, totaling $14.5 million. The exchange was founded by Armani Ferrante, a former engineer at Alameda Research, and Can Sun, a retired general counsel at FTX.
These links position Backpack uniquely to understand and address the challenges faced by former FTX users. Since the FTX crisis, Backpack has worked to rebuild trust, transparency, and user safety.
The exchange now provides daily proof-of-reserves and has tightened its internal controls. In January 2025, Backpack acquired FTX EU for $32.7 million, securing a MiFID II license, which allows it to operate in Europe and take responsibility for €53 million in creditor repayments.
The launch of Backpack's fee-free platform represents a significant step in assisting FTX creditors affected by the exchange's collapse. This initiative may substantially ease the payout process for users in restricted regions.
