TLDR

Backpack has launched a new platform to help FTX creditors sell their claims.
The service operates on a non-profit model and does not charge any fees to users.
Chinese FTX users can now access a marketplace with verified third-party buyers.
The platform enables account linking, credit checks, pricing, and payment in one place.
USDC payouts are processed within 24 hours after signing the transfer agreement.

Backpack, a crypto exchange with past exposure to FTX, launched a new marketplace for creditors to sell their claims. The platform, operating on a non-profit model, targets global users, especially those in restricted jurisdictions like China. It offers a streamlined, fee-free solution for FTX claim holders seeking faster liquidity through verified third-party buyers.

Backpack Launches Neutral Claims Sale Platform for FTX Creditors

Backpack introduced a claims sale service to support former users affected by the 2022 FTX collapse. The platform allows verified FTX creditors to link accounts, undergo evaluations, and receive settlement offers from buyers. It processes authentication, credit checks, pricing, and payments in a unified, neutral environment.

This service provides Chinese FTX creditors an alternative path to monetize their claims despite legal complications in various jurisdictions. CoinCentral previously reported FTX’s motion to halt payouts in countries like China and Russia. As a result, Backpack aims to bridge this payout gap for users holding $470 million in total claims.

The platform also ensures a fast payout cycle by distributing USDC within 24 hours after agreement signing. Analysts stated the procedure requires linking FTX accounts, reviewing offers, and approving transfer contracts before receiving payment. Users receive all services without any platform fee, maintaining Backpack’s non-profit stance throughout.

$380 Million in Chinese FTX Claims Targeted Through New Portal

According to internal data, Chinese users alone represent approximately $380 million in total claims against FTX. With this initiative, Backpack opens a direct sale avenue for those ineligible for court-based recovery processes. The move reflects the platform’s strategy to support affected users while bypassing ongoing payout suspensions.

Backpack 正式开放 FTX 债权出售通道… pic.twitter.com/QkqwXFC4nD

— Backpack中文 (@Backpack_CN) July 18, 2025

Backpack confirmed its own losses of $14.5 million due to FTX, representing 88% of its operational funds in 2022. This exposure, the company says, motivated the development of a non-profit service to support similar users. The initiative began July 18, 2025, following approval from relevant stakeholders.

The platform expects increased adoption from users in restricted jurisdictions where legal proceedings limit FTX claim redemptions. These include nations under strict digital asset regulations, such as China and Russia. Backpack’s decision aligns with its broader ecosystem-support mission within the crypto industry.

Regulatory Controversy Surround Backpack’s Expansion

Backpack maintains historical ties to FTX through its leadership and prior financial exposure during the exchange’s collapse. Co-founders include former Alameda Research engineer Armani Ferrante and FTX’s ex-general counse Can Sun. These connections contribute to regulatory scrutiny regarding Backpack’s acquisitions and operations.

In January 2025, Backpack acquired FTX EU for $32.7 million, securing its MiFID II license and assuming €53 million in repayment obligations. While Cypriot regulators approved the deal, the FTX bankruptcy estate questioned the asset transfer’s legality. They raised doubts about whether Backpack’s repayment plan complies with U.S. court proceedings.

Backpack responded by affirming the acquisition’s legal separation from FTX’s main bankruptcy. The exchange plans to proceed with creditor withdrawals and verifications across eligible European Union users. Meanwhile, its claims sale platform continues to operate independently for non-EU creditors in affected regions.

The post Chinese FTX Users Get New Marketplace via Backpack Exchange appeared first on CoinCentral.

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Filed under: News - @ July 24, 2025 9:33 pm