FTX EU Users Can Now Reclaim Frozen Funds via Backpack Exchange

Former FTX EU users have started regaining access to their frozen assets through Backpack Exchange’s newly launched withdrawal system. This development marks a significant step in resolving the fallout from FTX’s 2022 collapse, with approximately $55 million in funds now being distributed. The process, which began on May 12, 2025, requires users to complete KYC verification before withdrawing their assets. Backpack Exchange acquired FTX EU’s assets in January 2025 and has since worked to implement a secure and compliant framework for returning funds to affected users.

Backpack Exchange Launches FTX EU User Fund Withdrawals

Former FTX EU users can now reclaim their funds through Backpack Exchange’s newly activated withdrawal system. The platform, which acquired FTX EU’s assets in January 2025, began processing claims on May 12 after implementing a mandatory KYC verification portal.

Approximately $55 million in frozen assets from FTX’s 2022 collapse will be distributed. The two-step process requires identity confirmation before releasing funds, marking a significant step in resolving one of crypto’s most high-profile insolvencies.

FTX to Repay Over $5 Billion to Creditors on May 30

FTX is set to distribute more than $5 billion to creditors on May 30, marking one of the largest single-day repayments in bankruptcy history. Eligible claimants must have secured an "Allowed" status by April 11, 2025, and completed KYC verification, tax documentation, and provider selection.

The payout prioritizes claims above $50,000, though late filers who met compliance requirements by the April deadline will still qualify. Earlier distributions of approximately $800 million targeted smaller creditors with sub-$50,000 claims, with another $400 million round anticipated later this year.

FTX’s bankruptcy estate now holds between $14.7 billion and $16.5 billion in assets. Nearly all eligible creditors are projected to recover 118% or more of their original claim values—a rare outcome in corporate insolvencies.