The cryptocurrency platform Backpack has launched a commission-free service for trading claims against FTX, allowing users to sell their claims without intermediaries.
This is reported by Business • Media
How the New Backpack Service Works
With the new Backpack platform, claim holders against the bankrupt exchange FTX can sell their claims directly to potential buyers, avoiding additional fees and third-party intermediaries. All stages of the transaction—from verification and ownership checks to settlements—take place within a single interface. The company claims that it does not profit from the service and acts as a neutral party to ensure transparency and security.
“The service was launched in response to the massive losses suffered by the community due to the collapse of FTX. At the same time, Backpack itself also suffered from the exchange’s bankruptcy, losing $14.5 million.”
Developers emphasize that the main goal of the initiative is to support users affected by fraud and to restore trust in the crypto industry. The platform provides a complete transaction cycle—from identity verification to fund receipt, minimizing risks and simplifying the process. Buyers and sellers make direct contact, reducing operational risks and increasing transaction efficiency. Additionally, this eliminates the imposition of third parties.
Participation Conditions and Service Benefits
To use the service, it is necessary to:
- have a valid claim against FTX;
- complete account verification on claims.ftx.com;
- activate two-factor authentication in the appropriate app to log in to claims.ftx.com.
Backpack emphasizes that participation in the program is voluntary, and users are advised to carefully assess potential risks or missed opportunities when deciding to sell their claims. Applications can be submitted on the company’s official page.
Since the collapse of FTX, a secondary market for claims has actively formed, dominated by speculators and discount buyers. The developers of Backpack consider their service an “ethical alternative” to such offers and hope that the transparency and no-cost nature of similar solutions will become a new standard for the industry.
In June 2025, FTX creditor Sunil Kavouri published a list of 49 jurisdictions whose citizens may not receive payments for their claims. Among them is Ukraine. The reason is the prohibition on transactions with crypto assets or restrictions on platforms for distributing compensation, including exchanges BitGo and Kraken.
Recall that FTX is seeking to dismiss the $1.53 billion lawsuit from 3AC.