Backpack, a Crypto Exchange founded by former FTX insiders, has launched a new portal to help FTX creditors sell their debts directly to interested third-party buyers.
The announcement came on July 18th in a post on the China X account for the Backpack. The company described the initiative as a “non-profit neutral” service aimed at supporting the wider crypto community affected by the 2022 FTX collapse.
The new platform offers a one-stop process for claimants, including identity verification, billing verification, offering verification and final payments. The backpack said it would not charge you and would not benefit from the service.
Backpack officially opens the FTX Debt Sales Channel… pic.twitter.com/qkwxfc4nd
— Backpack中 (@Backpack_CN) July 18, 2025
The goal is to provide a smoother path to liquidity to FTX users who are still waiting for coverage almost three years after the exchange’s bankruptcy filing.
This portal is particularly important for FTX users in restricted regions such as China and Russia. Together, these users’ bills are around $470 million, of which $380 million comes from Chinese users alone.
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Recovery is hampered by delaying or completely excluding many of these claims from FTX’s official bankruptcy proceedings. By providing a direct sales channel between verified institutional buyers and claims owners, the backpack platform aims to fill that gap.
Users are encouraged to consider the opportunity carefully. According to the backpack, selling debt claims can have opportunity costs as holders waiting for official real estate distributions may ultimately receive a large payment. The business emphasized that engagement is entirely optional and should be determined by individual financial judgments.
The history of backpacks is closely linked to FTX. When FTX collapsed in November 2022, the backpack was co-founded by former Alameda research engineer Armani Ferrante and former FTX legal counsel Can Sun, losing $14.5 million, or about 88% of its operating funds.
Since then, the team has prioritized openness by introducing daily appointment updates and stronger security measures for all products.
In January 2025, Backpack acquired the FTX EU for $32.7 million, gaining control of the MiFID II license and was responsible for processing 53 million euros on approved creditor repayments. That purchase sparked some controversy.
FTX Bankruptcy Property challenges the legality of the transaction, claiming that FTX EU assets are being transferred inappropriately and that backpack repayment plans may not be legally binding.
Despite the ongoing conflict, Backpack claims that its acquisition has been approved by Cyprus regulators and is unrelated to the major FTX bankruptcy process. We began verifying user IDs in April and began withdrawing in May of eligible EU creditors.
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