The Crypto Exchange Backpack started in the first phase of the claim of former FTX users in Europe.
According to To the April 1 advertisement, users will need to create an account on the stock exchange, provide your customer information, and connect it to the FTX EU claim.
BackPack has not set a final date for this stage of the claim process and has not yet provided a schedule for the time when the distributions will start. Users will face withdrawal fees of 5 euros ($ 5.39) for claims less than 2000 euros (2,158 dollars) and 0.25 % for the amounts mentioned.
source: Armani Ferraiti
The backpack got FTX Eu in January 2025 to provide encryption derivatives, including permanent future contracts, all over Europe. The acquisition represents the end of a long battle for the purchase of the European arm for the bankruptcy exchange.
At the time of acquisition, the CEO of BackPack Armani Ferrante said at the time of acquisition that the company is committed to returning the European Union FTX funds as quickly and safely as possible.
In January 2025, an activist Cointelegraph Cointelegraph in January 2025 said that the sale of FTX Eu to the backpack added, “More confusion and tensions between European Union clients FTX and pay their money.”
“Some European Union agents FTX registered in these distributors, and they are confused about who will distribute their money again – the backpack, kraken or BITGO,” said Cavouri at the time.
Related to: The delay of payment for two years of FTX is “Wins”, calling on the trader who expected the FTX collapse
Details of the first part of the claim process
As for the distribution amounts, the popular questions page on BackPack on BackPack stipulates that all positions have been closed using market prices at a time when the stock exchange was closed, and each of them was settled in the euro.
Moreover, users who suffer from the withdrawals of the encoded currency suspended on November 11, 2022 should have submitted a claim in US bankruptcy procedures in FTX. These users may be eligible to receive distributions from FTX Recovery Trust, which are not involved in the backpack.
In addition, the European Union residents who participated in FTX before March 7, 2022 are not considered the FTX EU agents and they must make their claims with FTX International, not on its back.
The next round of FTX ESTATE distributions on May 30
FTX Digital Markets, separated by FTX EU, distributed its first tour of the compensation on February 18, with the BITGO and Kaken exchange to facilitate the distributions. That first round of compensation has moved to the “comfort category” members, those who have claims less than $ 50,000.
The next round of compensation associated with American bankruptcy procedures is scheduled to graduate from FTX on May 30 and includes creditors under the Customer 5 Customer Mitab Requests and unprecedented public demands of the 6 Category. FTX is It is expected to use $ 11.4 billion To make payments
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