Backpack Launches Verification Process for Former FTX EU Customers
Backpack crypto exchange has initiated the verification process for former FTX EU customers, a pivotal step in the repayment journey following its acquisition of FTX EU earlier this year.
Key Developments
- Verification process launched on April 1 to confirm identities before repayments.
- Users must complete Know Your Customer (KYC) verification using their original FTX EU email to prevent fraud.
- Withdrawal instructions will be provided later; current focus is on identity verification.
- Backpack CEO Armani Ferrante expressed commitment to expedite user reimbursements despite complexities.
- Backpack acquired FTX EU in January 2025 with approval from the FTX bankruptcy court and CySEC, gaining access to FTX EU’s trading license.
FTX Estate Repayments
- FTX plans to begin large creditor repayments by May 30 for claims over $50,000.
- Claimants are expected to recover approximately 118% of their owed amounts based on bankruptcy valuations.
- Analysts suggest these payments may positively influence the crypto market.
- The first round of repayments commenced in February, focusing on claims under $50,000.