FTX EU Customers Get Lifeline—Backpack Unlocks Frozen Funds After 2-Year Deep Freeze
Europe’s FTX creditors finally have an escape hatch from bankruptcy purgatory. The defunct exchange’s EU users can now claw back stranded cash—if they navigate Backpack’s claims portal before the next crypto winter hits.
The Fine Print Giveth...
Backpack’s claims system went live today, offering a rare win for victims of Sam Bankman-Fried’s collapsed empire. But don’t pop champagne yet—payouts will be denominated in post-bankruptcy USD valuations, not 2022’s crypto ATH fantasy prices.
Bankers 1, Crypto Bros 0
While the process cuts through typical restructuring red tape, it’s a stark reminder: when exchanges implode, even ’decentralized finance’ still kneels to bankruptcy courts. The only thing more volatile than crypto prices? Regulatory mercy.
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Although there’s no hard deadline for filing, Backpack has advised users to act sooner rather than later. Delays may occur due to high traffic or bank limitations.
This marks the first substantial MOVE toward restitution for FTX EU customers, nearly two years after the global exchange’s collapse shook the crypto world.
