Backpack begins identity verification to repay FTX EU claimants

Crypto speech Backpack has officially launched the claims process for users of the now-defunct FTX EU platform, according to an April 1 statement.

BackPack CEO Armani Ferrante said:

“It’s been a long, analyzable process with aggregate parties, but we’re blessed to yet unfastened up individuality verification for FTX EU customers connected [our website.]”

According to BackPack’s website, claimants indispensable implicit KYC (Know Your Customer) verification utilizing the aforesaid email code they utilized connected FTX EU. This request aims to corroborate the legitimacy of each assertion and forestall fraudulent requests.

Meanwhile, the 2nd step, which involves money withdrawals, has yet to beryllium announced. Backpack stated that further instructions would travel soon.

Ferrante added:

“Returning funds arsenic rapidly and safely arsenic imaginable is our fig 1 priority, and we’re present to reply immoderate questions on the way.”

FTX ties with BackPack

This improvement provides immoderate respite for the European users of the failed exchange.

Backpack’s engagement with FTX EU began successful January 2025 erstwhile a bankruptcy tribunal approved its petition to get the entity.

The acquisition besides granted Backpack entree to the MiFID II licence held by FTX EU nether the Cyprus Securities and Exchange Commission (CySEC). This regulatory support allows Backpack to connection compliant crypto derivatives, including perpetual futures, crossed the European Union.

Backpack agreed to negociate the claims and reimbursements owed to FTX EU customers arsenic portion of the acquisition deal.

At the time, Ferrante emphasized that the company’s work was to reconstruct idiosyncratic funds, indispensable to rebuilding spot successful the integer plus industry.

FTX repayment efforts

This improvement comes arsenic the broader FTX property prepares for its archetypal circular of ample creditor repayments.

The bankrupt speech plans to disburse claims implicit $50,000 by May 30, much than 2 years aft its illness successful November 2022.

FTX has stated that astir claimants volition retrieve 118% of their debts based connected values from the bankruptcy filing date.

However, immoderate creditors reason that the fig does not bespeak the emergence successful crypto prices since then.

The station Backpack begins individuality verification to repay FTX EU claimants appeared archetypal connected CryptoSlate.