FTX EU Users Can Finally Reclaim Their Cash—Through Backpack’s Lifeline
Three years after FTX’s collapse left users stranded, EU customers get a shot at recovery—courtesy of Backpack Exchange. The platform just opened claims for frozen funds, offering a rare win in crypto’s graveyard of broken promises.
How it works: Verify your identity, submit proof of FTX holdings, and pray the paperwork outlasts the next exchange meltdown. Backpack—ironically now more solvent than most banks—processes withdrawals in euros.
One catch? The ’EU’ in Backpack EU stands for ’Eventually Unlocked’—approvals crawl at regulator speed. Still beats waiting for SBF’s prison commissary account to refund you.
Backpack Exchange says customers must complete KYC
Former FTX EU customers may now complete the two-step process to claim their Euro funds via Backpack EU.
1. Get Verified
2. Withdraw Funds
Start here: https://t.co/qvUDpbs6oi pic.twitter.com/26Bkk2Zum3
— Backpack 🎒 (@Backpack) May 12, 2025
Sam Bankman-Fried led FTX from its Bahamas Headquarters. The exchange collapsed overnight in 2022 following the revelation of its shady business practices. FTX’s collapse prompted a series of user withdrawal requests before the exchange filed for bankruptcy.
Bankman-Fried was convicted of fraud and sentenced to 25 years in prison. FTX’s European unit operated under a CySEC license, which was suspended following the firm’s collapse.
Backpack acquired FTX EU for $32.7 million at the beginning of the year. The crypto trading company previously announced it had begun the process of allowing customers to withdraw their funds.
Backpack Exchange noted that the customers would not be able to claim their distribution upon signing up on the official site. The firm also directed former FTX EU customers to begin the funds-claiming process by completing a mandatory Know Your Customer (KYC) form.
The crypto trading firm also said the customers would be required to complete the withdrawal of euro funds. The firm previously stated that former FTX EU users would be required to part with a withdrawal fee of $5.39 for any claims below $2,158. The exchange also noted that claims above $2,158 would be expected to pay a 0.25% fee.
The firm’s customer support team advised former FTX EU users to sign up with Backpack EU so they could receive their claims. The exchange assured FTX EU users that they would get an email from the firm revealing the repayment schedule once the distribution starts. Backpack also advised the users that they would be required to use the same email they were using during their claims.
Backpack shares more details about the FTX EU claims
The exchange said it would only take care of claims related to FTX EU. The firm also stated that the bankruptcy court would be the one to determine how much each former FTX EU customer received.
Backpack also addressed concerns surrounding the distribution of currency, saying repayments would be settled in euros instead of crypto. The crypto trading firm also said that users who had pending withdrawals on November 11, 2022, were supposed to file their claims in the bankruptcy proceedings of FTX US. The exchange added that such customers could get distributions from the FTX Recovery Trust, an entity Backpack is not involved with.
The exchange added that EU residents who had joined FTX before March 7 of the same year were not considered customers of FTX EU. The firm said such users should have reached out to FTX International for repayment, not Backpack.
The acquisition of FTX EU by Backpack received criticism from the broader entity of FTX. The FTX estate revealed that the new FTX EU owner was not involved in the court approval for returning funds. The estate also said that Backpack Exchange was not permitted to make any funds distributions to customers.
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