Backpack Begins Customer Claims Process for FTX EU Funds
Backpack, the firm that acquired the European arm of bankrupt exchange FTX for $32.7 million, has initiated the claims process for customers to recover their funds.
- Customers are directed to begin know-your-customer (KYC) verification.
- Distribution of funds will follow, with timing yet to be determined.
- Backpack's acquisition faced criticism from the FTX bankruptcy estate, which stated Backpack lacked authorization to distribute funds.
- The FTX estate has accumulated $11.4 billion for distribution to affected parties, with payouts expected to start at the end of May.