Nazia Saeed
- Backpack debuts a neutral, fee-free platform for FTX claim holders to sell debt
- Targets users in China and Russia, who hold $470M in claims excluded from estate payouts
- Launch follows Backpack’s $32.7M acquisition of FTX EU, still under legal scrutiny
Backpack, a crypto wallet and exchange startup, has launched a debt marketplace for FTX claim holders, offering users affected by the 2022 FTX collapse a new way to access liquidity. The initiative was announced on July 18 via Backpack’s Chinese X account.
Described as a “non-profit, neutral” service, the platform allows claim holders to complete identity verification, validate their claims, confirm offers, and finalize settlements all within the Backpack interface. The company emphasized it will not charge fees or profit from the service.
The goal is to streamline debt sales for former FTX users who remain uncompensated nearly three years after the exchange filed for bankruptcy. The platform is especially significant for users in restricted regions, such as China and Russia, where $470 million in claims, $380 million from China alone remain largely excluded from the estate’s formal payout process.
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A marketplace for hard-to-process claims
Backpack’s platform connects claim holders with verified institutional buyers, offering a path to immediate liquidity. However, the company cautioned users to weigh their options carefully. Since official estate distributions may yield higher returns over time, Backpack noted that selling now involves opportunity costs, and participation is voluntary.
The company’s ties to FTX run deep. Co-founders Armani Ferrante, a former Alameda engineer, and Can Sun, ex-general counsel at FTX, saw $14.5 million 88% of Backpack’s operating capital lost during the collapse.
In response, Backpack implemented daily proof-of-reserves and enhanced security protocols. In January 2025, the firm acquired FTX EU for $32.7 million, gaining its MiFID II license and responsibility for €53 million in creditor repayments.
However, that acquisition is under dispute. The FTX bankruptcy estate claims the transfer of assets was improper and that Backpack’s repayment plan may lack legal standing. Despite this, Backpack maintains the deal was approved by Cyprus regulators and is independent of the main FTX proceedings.
Verification for EU users began in April, with withdrawals launched in May for eligible creditors.
Backpack’s new marketplace reflects its evolving role in the post-FTX crypto landscape seeking to serve as both a community-first platform and a pragmatic outlet for debt resolution.
