In a significant move for the cryptocurrency community, Backpack has officially opened the claims process for former FTX users based in Europe. This development comes after Backpack’s acquisition of FTX EU in January 2025. With many users eagerly awaiting the recovery of their funds, this first phase aims to streamline the claims submission process.
According to the announcement, users must create an account on Backpack’s platform and provide their Know Your Customer (KYC) details. This information will then be linked to users’ FTX EU claim accounts. Notably, Backpack has yet to set a deadline for this claims phase, leaving many wondering when they will see the distribution of funds.
For those looking to withdraw their funds, it’s important to note that there will be a nominal withdrawal fee of €5 (approximately $5.39) for claims under €2,000 ($2,158). Withdrawals exceeding this amount will incur a fee of 0.25%. This structure is designed to mitigate costs while allowing users access to their funds.
The claims process entails closing all positions at the market prices from the time the exchange was shut down, settling each position in euros. Users with pending cryptocurrency withdrawals from November 11, 2022, should have already filed their claims in FTX’s US bankruptcy proceedings. They may be eligible for distributions from the FTX Recovery Trust, a mechanism Backpack is not affiliated with.
Additionally, it’s worth noting that EU residents who signed up for FTX before March 7, 2022, should direct their claims to FTX International, rather than Backpack, as they do not qualify as FTX EU customers.
As the situation progresses, FTX Digital Markets has already conducted its first round of reimbursements on February 18, targeting members of the Convenience Class, consisting of claimants with amounts under $50,000. The next wave of distributions is slated for May 30, focusing on creditors categorized under Class 5 Customer Entitlement Claims and Class 6 General Unsecured Claims. FTX is poised to utilize $11.4 billion for these payments, offering hope to many awaiting resolution.
In summary, while the claims process initiated by Backpack represents a crucial step in the path to financial recovery for FTX EU customers, individuals must navigate this process carefully to ensure they meet all criteria and fees.
