Backpack, a crypto exchange launched by former FTX insiders, has rolled out a zero-fee platform to assist in selling FTX bankruptcy claims. Announced on July 18 via its Chinese social media channel, the new service functions as a non-profit, neutral marketplace. It allows claim holders to directly connect with verified institutional buyers and complete transactions without intermediaries or added costs.
The process includes identity verification, claim validation, offer confirmation, and final settlement, all handled within the Backpack interface. This user-first system is designed to simplify access to liquidity for FTX victims still awaiting compensation since the platform’s collapse in 2022.
Importantly, Backpack underscores that participation is voluntary. The company encourages claim holders to consider the opportunity carefully, as future distributions from the estate may offer greater value than immediate sales.
Backpack Focuses on Global Support and Ethical Recovery
Backpack’s platform is especially relevant for users in restricted jurisdictions like China and Russia. Together, these users hold an estimated $470 million in claims $380 million of which is linked to Chinese users alone. Many of these claims have experienced rejection or delay within FTX’s official bankruptcy process.
With this new platform, Backpack seeks to close that gap by enabling direct access to buyers. This reduces the need for middlemen and avoids the exploitative practices often found in secondary claim markets. It provides a more transparent and fair method for users to regain partial control over their lost funds.
Backpack’s mission is deeply personal. The company itself suffered significant losses around $14.5 million when FTX collapsed. That experience has guided its commitment to user protection and industry transparency.
Backpack Pushes Transparency Amid Regulatory Scrutiny
Backpack has taken clear steps to separate itself from the FTX fallout. In January 2025, the firm purchased FTX EU for $32.7 million and assumed control over €53 million in creditor obligations. Although the purchase is being disputed by the FTX bankruptcy estate, it received approval from regulators in Cyprus.
In the months since, Backpack has ramped up its transparency standards. It now publishes daily proof-of-reserves updates and has reinforced security measures across its platform. Identity verifications began in April, followed by withdrawals for eligible EU users in May.
The marketplace of claims is one of the aspects in the Backpack that signify increasing change within the crypto industry. Transparency, ethical recovery, and empowerment of the users are emerging to regain trust of digital finance.
