The exchange Backpack, founded by former FTX insiders, has introduced a new portal to assist FTX creditors in selling their debt claims. This initiative aims to support users affected by FTX’s 2022 bankruptcy.
Launch of the New Backpack Portal
On July 18, Backpack announced the launch of a new service for FTX creditors, allowing them to sell their debt claims directly to interested buyers. The platform offers a comprehensive process that includes identity verification, claim validation, offer confirmation, and final settlement, all carried out within the Backpack interface. The company stated that it will not charge any fees and does not intend to profit from this service.
Benefits for Creditors
The new platform is significant for FTX users, especially for those in restricted regions such as China and Russia. These users have around $470 million in claims, with $380 million coming from Chinese clients. The portal offers a smoother route to liquidity for FTX users still awaiting compensation nearly three years after the exchange's bankruptcy filing.
Backpack’s History and Context
Backpack’s history is closely tied to FTX. Following FTX’s collapse in November 2022, Backpack, co-founded by former Alameda Research engineer Armani Ferrante and former FTX general counsel Can Sun, lost $14.5 million, approximately 88% of its operating funds. Since then, the team has prioritized transparency by 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.
The launch of the new Backpack portal for selling debt claims offers FTX users a new opportunity for liquidity. Despite ongoing disputes surrounding the legality of the deal between Backpack and FTX EU, the platform continues to operate in the interest of its users.
