Close Menu
Cryprovideos
    What's Hot

    Coinbase CEO says pointless account restrictions has decreased by 82%

    June 7, 2025

    VEXI Villages Unveils New Options and Occasions for June

    June 7, 2025

    Is Dogecoin Prepared To Explode? Crypto CEO Explains Why A DOGE Rally Is Doable | Bitcoinist.com

    June 7, 2025
    Facebook X (Twitter) Instagram
    Cryprovideos
    • Home
    • Crypto News
    • Bitcoin
    • Altcoins
    • Markets
    Cryprovideos
    Home»Markets»Backpack opens claims course of for former FTX EU customers
    Backpack opens claims course of for former FTX EU customers
    Markets

    Backpack opens claims course of for former FTX EU customers

    By Crypto EditorApril 1, 2025No Comments3 Mins Read
    Share
    Facebook Twitter LinkedIn Pinterest Email


    Crypto alternate Backpack has initiated the primary part of the claims course of for former FTX customers in Europe.

    Based on an April 1 announcement, customers might want to create an account on the alternate, submit Know Your Buyer data, and join it to their FTX EU declare account.

    Backpack has not set a deadline for this part of the claims course of and has but to offer a timeline for when distributions will start. Customers will face a withdrawal payment of €5 ($5.39) for claims below €2,000 ($2,158) and 0.25% for quantities above it.

    Backpack opens claims course of for former FTX EU customers

    Supply: Armani Ferrante

    Backpack acquired FTX EU in January 2025 to supply crypto derivatives, together with perpetual futures, all through Europe. The acquisition marked the top of a prolonged battle to purchase the European arm of the bankrupt alternate.

    Backpack CEO Armani Ferrante stated on the time of the acquisition that the corporate was dedicated to returning FTX EU funds as quick and as safely as doable.

    FTX creditor activist Sunil Kavuri instructed Cointelegraph in January 2025 that the sale of FTX EU to Backpack added “additional confusion and nervousness amongst FTX EU prospects and the reimbursement of their funds.”

    “Some FTX EU prospects signed as much as these distributors, and they’re confused about who will probably be distributing their funds again to them — Backpack, Kraken or Bitgo,” Kavuri stated on the time.

    Associated: FTX’s 2-year reimbursement delay is a ‘win,’ claims dealer who predicted FTX’s collapse

    Particulars on the primary a part of the claims course of

    For distribution quantities, the FAQ web page on Backpack’s web site states that each one positions had been closed utilizing market costs on the time the alternate was shut down, and every was settled in euros.

    Moreover, customers with pending cryptocurrency withdrawals on Nov. 11, 2022, ought to have filed a declare in FTX’s US chapter proceedings. Such customers could also be eligible to obtain distributions from the FTX Restoration Belief, which Backpack isn’t concerned with.

    Moreover, EU residents who signed up for FTX earlier than March 7, 2022, are usually not thought of FTX EU prospects and may file their claims with FTX Worldwide, not Backpack.

    FTX Property’s subsequent spherical of distributions on Might 30

    FTX Digital Markets, separate from FTX EU, distributed its first spherical of reimbursements on Feb. 18, with exchanges BitGo and Kraken facilitating the distributions. That first spherical of reimbursements went to “Comfort Class” members, these with claims below $50,000. 

    The following spherical of reimbursements tied to FTX’s US chapter proceedings is ready to exit on Might 30 and consists of collectors below Class 5 Buyer Entitlement Claims and Class 6 Basic Unsecured Claims. FTX is predicted to make use of $11.4 billion to make the funds

    Journal: The $2,500 doco about FTX collapse on Amazon Prime… with assist from mother