7 Key Steps in Claims Process for FTX EU Users Revealed

Backpack Launches Claims Process for FTX EU Users

In a significant move for former FTX users in Europe, Backpack has launched the first phase of its claims process after acquiring FTX EU in January 2025. Users must now create an account, submit necessary KYC information, and link it to their FTX EU claim account to initiate their claims.

Background and Context

The recent initiation of the claims process for FTX EU users by Backpack is a crucial development in the landscape of cryptocurrency exchanges. Following the acquisition of FTX EU in January 2025, Backpack aims to restore confidence and resolve the lingering financial uncertainties for users affected by the collapse of the FTX exchange. This move comes after years of turmoil for FTX, which filed for bankruptcy in 2022, leaving countless users in limbo regarding their assets.

Historically, the FTX scandal serves as a stark reminder of the volatility and risks associated with cryptocurrency investments. The chaotic environment led to numerous legal battles and regulatory scrutiny, emphasizing the need for a clear and efficient resolution process. Previously, FTX users were advised to file claims through separate proceedings, adding confusion regarding from whom they would ultimately recover their funds.

The claims process for FTX EU users is designed to streamline this recovery, albeit amid ongoing disputes about how funds will be distributed. By creating an account on Backpack’s exchange, former users can start reclaiming their assets, thereby restoring some level of normalcy within the turbulent crypto market.

Backpack Launches Claims Process for Former FTX EU Users

In a significant development for the crypto community, Backpack has officially opened the claims process for former FTX EU users, marking a pivotal moment in the aftermath of the FTX collapse. Acquired by Backpack in January 2025, FTX EU’s claims process for users aims to help facilitate the recovery of lost funds. According to an announcement made on April 1, users must create an account on the Backpack platform, submit Know Your Customer (KYC) information, and link it to their FTX EU claim account.

Backpack’s CEO, Armani Ferrante, has emphasized the company’s commitment to expediting the return of funds to affected users, stating, “Our primary goal is to ensure a swift and safe recovery process for everyone impacted by the FTX closure.” Notably, no deadline has been established for this phase of the claims process, leaving many users uncertain about the timeline for fund distributions.

Withdrawal Fees and Claims Process

Users engaging with the claims process for FTX EU users will incur a withdrawal fee of €5 ($5.39) for claims under €2,000 ($2,158). For amounts exceeding this threshold, a 0.25% withdrawal fee will apply. The FAQ section on Backpack’s website clarifies that all claims will be calculated using market prices at the time FTX was shut down, with settlements made in euros.

Furthermore, claims involving cryptocurrency withdrawals pending as of November 11, 2022, must have been lodged during FTX’s U.S. bankruptcy proceedings, separate from Backpack’s operations. Therefore, users should ensure they understand who to approach for their individual claims, as FTX Digital Markets has already begun its reimbursement phases.

As the landscape evolves, it is crucial for former FTX EU users to stay informed about their claims process, particularly to navigate the complexities that have arisen from recent acquisitions and restructuring in the crypto domain.

Backpack Launches Claims Process for FTX EU Users

Backpack’s initiation of the claims process for former FTX EU users represents a significant step in the cryptocurrency landscape. As Backpack aims to facilitate the return of funds to those impacted by FTX’s collapse, clarity in the claims process for FTX EU users is now essential. Following the acquisition of FTX EU, there are new protocols in place for users to reclaim their assets, including a user account setup and Know Your Customer requirements.

This development may alleviate some uncertainty among FTX EU customers, though confusion remains regarding fund distribution, as users grapple with which entities will manage their claims. According to FTX creditor activist Sunil Kavuri, the ambiguous distribution channels between Backpack, Kraken, and BitGo could lead to further complications. The absence of a specified deadline for the claims process also adds an element of uncertainty, which may affect user confidence in the system.

In essence, this marks a pivotal moment not only for FTX EU users but for the entire crypto market as it navigates the complexities of recovery and restitution, potentially setting precedent for future claims processes in the crypto sector.