Backpack launches FTX debt marketplace for claim holders

Backpack, the crypto exchange founded by former FTX insiders, has launched a new portal to help FTX creditors sell their debt claims directly to interested third-party buyers. 

The announcement was made on July 18 via a post on Backpack’s Chinese X account, where the company described the initiative as a “non-profit, neutral” service aimed at supporting the wider crypto community impacted by the 2022 FTX collapse.

The new platform offers a one-stop process for claim holders, including identity verification, claim validation, offer confirmation, and final settlement, all completed within the Backpack interface. Backpack stated that it will not charge any fees and will not profit from the service.

The goal is to offer a smoother path to liquidity for FTX users who are still waiting for compensation nearly three years after the exchange’s bankruptcy filing.

The portal is especially significant for FTX users in restricted regions such as China and Russia. Together, these users have about $470 million in claims, of which $380 million is from Chinese users alone. 

Recovery has been hampered by the delays or complete exclusion of many of these claims from FTX’s official bankruptcy procedure. By providing a direct sales channel between verified institutional buyers and claim holders, Backpack’s platform seeks to bridge that gap.

Users are urged to carefully consider the opportunity. According to Backpack, holders who wait for official estate distributions may eventually receive larger payouts, so selling debt claims may involve opportunity costs. The business stressed that involvement is entirely optional and ought to be determined by individual financial judgement.

Backpack’s history is closely tied to FTX. When FTX collapsed in November 2022, Backpack, which was co-founded by former Alameda Research engineer Armani Ferrante and former FTX general counsel Can Sun, lost $14.5 million, or roughly 88% of its operating funds. 

Since then, the team has prioritized openness by putting in place daily proof-of-reserves updates and more robust security measures for all of its products.

In January 2025, Backpack acquired FTX EU for $32.7 million, gaining control of its MiFID II license and taking responsibility for processing €53 million in approved creditor repayments. That purchase has generated some controversy.

The FTX bankruptcy estate has disputed the deal’s legality, arguing that FTX EU’s assets were improperly transferred and warning that Backpack’s repayment plan might not be legally binding.

Despite the ongoing dispute, Backpack maintains that its acquisition was approved by Cyprus regulators and remains independent of the main FTX bankruptcy process. It began verifying user identities in April and initiated withdrawals in May for eligible EU creditors.