FTX News: Backpack Launches Claims Process for FTX Europe Customers

In a significant development for the embattled cryptocurrency exchange FTX, its European subsidiary’s acquired entity Backpack has rolled out the first phase of the claims process for former users. Here’s what you need to know.

FTX Europe Customers Can Now Initiate Claims Via Backpack

Backpack, which acquired the European subsidiary of the bankrupt FTX exchange, has officially launched the first phase of the claims process for former FTX Europe users. Users can now recover their funds by creating an account on the Backpack platform, submitting KYC information, and connecting their new account to their old FTX EU claims account. This announcement comes after Backpack completed its acquisition of the European branch in January 2025.

BlockFi Appeals to Non-U.S. Creditors for Bankruptcy Distributions

Bankrupt cryptocurrency lending firm BlockFi has appealed to its non-U.S. customers to come forward and claim their assets back before the May 15 deadline. According to a blogpost on Wednesday, less than half of non-U.S. customers have claimed their assets so far, compared to 97% of U.S. customers. BlockFi filed for bankruptcy in November 2022 due to the contagion from the collapse of FTX and emerged from bankruptcy in July 2024 with a plan to distribute 100% of the dollar value of customers’ claims at the time of the bankruptcy filing. Arranging distributions for non-U.S. customers was more complex and began later than for U.S. customers, involving courts in both the U.S. and other countries.