- Backpack Exchange officially launched its fund withdrawal for former FTX EU users from May 12, 2025.
- Users must complete KYC with the old FTX EU details before claiming available funds.
Backpack Exchange has finally begun the withdrawal process for former FTX EU users from May 12, 2025. This is not a normal announcement. This could be a light at the end of a dark tunnel for the thousands of users that have become clear since FTX collapsed almost three years ago.
Former FTX EU customers may complete a two-stage process to claim euro funds via the backpack EU.
1. I’ll verify it
2. I’ll withdraw the funds
Start here: https://t.co/qvudpbs6oi pic.twitter.com/26bkk2zum3
– Backpack 🎒 (@backpack) May 12, 2025
FTX EU drawers are officially launched, and the backpack prepares the final step
The process begins with a special page where users are asked to complete ID verification or KYC with the same data they registered with the FTX EU. After passing verification, your euro balance will be displayed immediately on the dashboard of each account. All that remains is to wait for the funds to be distributed, allowing users to withdraw funds into their bank account.
But wait, if you’re late, it’s not that simple. CNF previously reported that FTX has disqualified its 392,000 claims due to missed the KYC deadline set for March 3, 2025. However, those who have already started the process still have a breather. The deadline for completing KYC has been extended until June 1, 2025.
Meanwhile, backpacks also apply various withdrawal fee schemes. Withdrawers less than 2,000 euros will be charged a fee of 8 euros. The mass has its own fee structure, up to 353 euros. It’s not complicated, but it’s definitely worth checking out before pressing the drawer button.
Litigation, creditors and the long road to recovery
Furthermore, the withdrawal process actually comes amid many other legal and financial developments that still swirl around FTX.
On May 8, 2025, US District Judge K. Michael Moore ruled that he would dismiss most of the lawsuits against celebrities accused of promoting FTX without transparency about fees. Names like Tom Brady and Stephen Curry were temporarily named defendants, but only two of the 14 claims were pursued.
Interestingly, lawyer Adam Moskowitz will call the result a “partial victory” and will add more names to the defendants’ list, including major league baseball and Formula 1 races. The legal drama is not over yet, it’s getting long.
Meanwhile, the creditors have promised that the FTX itself will begin payments to them on May 30, 2025. The amount collected is no joke. Institutional investors and other large entities with assets on the platform will be given priority. But don’t worry. Individual creditors with claims under $50,000 also began receiving payments early.
This is all part of a massive restructuring approved on January 3, 2025 when US Bankruptcy Judge John Dorsey approved a payment plan for more than $14 billion. In fact, they have promised to pay more than 100% to non-government creditors.
But the backpack EU still has to wait for a green light from Cypriot authorities. Until now, their operating licenses have been suspended until at least May 30, 2025. Meanwhile, they will not accept new users or provide additional services other than claim payments.
So, while there have been great progress, there are still some restrictions that prevent the steps from becoming completely free.
