Backpack Launches No-Fee Platform for Selling FTX Bankruptcy Claims

Highlights:

• Backpack has launched a platform to help users sell claims directly.
• China and Russia users can now access a new option to sell FTX claims despite regional restrictions.
• Legal questions continue around Backpack’s FTX EU purchase, but users have started receiving approved payments.

Backpack, a crypto platform launched by former FTX insiders, has introduced a new tool for creditors holding FTX-related debt. The company announced the launch on July 18 through its Chinese X account. The platform provides FTX bankruptcy users who are interested in selling their claims directly to the institutional buyers the opportunity to sell their claims free of charge. Backpack confirmed that it would not earn profits or charge any hidden fees for this service.

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

— Backpack中文 (@Backpack_CN) July 18, 2025

The new system allows users to complete all steps inside the Backpack platform. These procedures involve identity verification, claim validation, offer confirmation, and settlement. The purpose is to have a single interface that eliminates the use of third-party services. Users may obtain access to liquidity with verified buyers more quickly without the use of the official bankruptcy process.

Backpack indicated that it is not a compulsory feature, and users are, therefore, required to critically evaluate their financial requirements. The company also added that the payment delay before the official distribution of the estates could lead to increased payments.

Backpack presented the tool as a neutral option that accommodates individual choice in a gradual recession process. Backpack experienced financial losses when FTX, founded by Sam Bankman-Fried, collapsed in 2022. It lost $14.5 million, which was 88% of its operating capital.

China and Russia Users Gain Access Amid Ongoing Restrictions

Backpack’s platform could benefit users in regions where access to compensation has remained limited. Creditors in China and Russia hold claims worth about $470 million combined. Of that amount, Chinese users account for $380 million. Many of these claims have not moved forward because of restrictions on digital assets in those regions.

FTX’s estate filed a motion in June to block payouts in 49 countries. The estate cited issues related to local laws as the reason behind its decision. Users in multiple jurisdictions were impacted by the filing and now have no way to recover. Chinese lenders countered with legal arguments that they had a right to be paid via offshore means.

Backpack’s tool now offers an alternative for those left out of the official recovery route. The new channel connects claim holders with buyers directly without waiting for court outcomes. Users can link their FTX accounts and receive a valuation. Once they accept an offer and sign the transfer agreement, they receive the payment in USDC.

Market Skepticism Clouds Backpack’s FTX Bankruptcy Claims Initiative

Although Backpack has launched this new service, questions still surround its earlier acquisition of FTX EU. In January 2025, the company purchased FTX EU for $32.7 million. The deal allowed Backpack to take over a license and manage €53 million in approved claims for EU users.

The FTX bankruptcy estate later raised concerns over this purchase. It claimed that there had been a breach of procedures in the transfer of assets. The estate also cautioned that repayments facilitated by Backpack may not be included in the main case. Despite this, Backpack maintained that Cypriot authorities approved the deal. Backpack began identity checks in April and started processing withdrawals in May. Eligible EU users have already received payments. Some users welcomed the move, while others said they would wait and observe how the platform performs.