FTX EU creditors can now withdraw money from Backpack exchange

Backpack, a cryptocurrency exchange, has enabled the return of funds to former FTX EU customers. Following a KYC (Know Your Customer) verification process, users who selected Backpack as their redistribution platform can now claim their euro balances. This process, initiated on April 1st, 2025, requires users to create a Backpack account and complete the KYC verification, ensuring that the information matches their FTX EU details. Discrepancies necessitate contacting Backpack EU support.

While no deadline has been set, it’s crucial to understand the distinction between FTX EU and FTX users. Generally, EU-based users who registered with FTX on or after March 7th, 2022, are considered FTX EU customers and should claim their funds through this process. However, exceptions exist; some users may have registered with FTX International after this date, necessitating a review of their terms of service to determine the correct platform.

Backpack’s role in this process stems from its January 2025 acquisition of FTX EU. This acquisition, following a protracted legal battle, aimed to facilitate the swift and secure return of funds. However, the acquisition was initially contested by the FTX estate, which claimed ownership of FTX EU remained with FTX Europe AG, despite prior announcements regarding a share transfer to FTX EU’s co-founders. This ownership dispute briefly delayed the full implementation of the refund process.

The Backpack platform is now operational, allowing eligible FTX EU users to access their funds. The acquisition itself is notable, not only for its resolution but also for the challenges involved in navigating the legal complexities surrounding the bankruptcy of FTX and the subsequent efforts to return assets to affected users. The platform aims to provide a straightforward and secure method for reclaiming funds, offering a degree of transparency and facilitating a complex process within a challenging legal framework.