Backpack Kicks Off Fund Claims for FTX EU Customers in Epic Recovery Move

Two-Step Process Launches to Reclaim Euro Funds

Hang onto your hats, crypto fans! Backpack, the daring exchange launched by ex-FTX bigwigs, has just fired the starting gun on the fund claim process for FTX's EU customers. This is a major move in the global scramble to dish out FTX's bankruptcy recovery funds, and it's happening right now!

On April 1, Backpack didn't fool around—they announced a slick two-step process for customers to snag their euro funds. Step 1? Identity verification, and it's live and kicking right now. Step 2? The thrilling withdrawal of funds, coming soon to a screen near you!

Listen up, former FTX EU customers! The time is now to dive into this two-step dance to claim your Euro funds through Backpack EU. Step 1, identity verification, is already rocking and rolling. Get ready to get verified and reclaim what's yours!

FTX's Bankruptcy Reorganization Plan Gets the Green Light

In a blockbuster move, a U.S. bankruptcy judge gave the thumbs up to FTX's Chapter 11 bankruptcy reorganization plan back in October 2024. This paved the way for the epic distribution of funds to creditors, setting the stage for a repayment showdown with Kraken and BitGo leading the charge on the global front.

While Kraken and BitGo are the official tech wizards helping with the repayment magic during the bankruptcy proceedings, Backpack's role in getting FTX's EU customers their funds back is part of a jaw-dropping acquisition deal. Backpack just snatched up the former European arm of the FTX exchange, with the blessing of the FTX bankruptcy court and the Cyprus Securities and Exchange Commission last December. This power move let Backpack bring back FTX EU's licenses and offer a full-blown suite of crypto derivatives trading services to EU customers. It's game on!

FTX's $13 Billion Repayment Process Kicks Into High Gear

Hold onto your seats, because the FTX crypto exchange, which crashed and burned into bankruptcy in November 2022, has launched its mind-blowing $13 billion repayment process on Feb. 18. They're starting with the "convenience class" creditors—those with claims up to $50,000—and BitGo and Kraken are the masterminds behind the scenes. These lucky creditors are set to score full compensation for their adjudicated claim value, plus a sweet annual interest rate of 9% dating back to November 2022, all by April 11. Cha-ching!

And that's not all, folks! Earlier this month, FTX creditor representative Sunil dropped the bombshell that the second round of payout distribution, covering claims both under and over $50,000, is locked in for May 30. Get ready for another round of crypto fireworks!