Backpack Introduces Zero‑Fee Channel to Sell FTX Bankruptcy Claims

The crypto exchange Backpack has launched a new platform to help FTX creditors sell their debt claims directly to interested third-party buyers. The firm announced this initiative on X, describing it as a non-profit, completely neutral debt sale channel. 

Zero‑Fee Channel to Sell FTX Bankruptcy Claims

According to Backpack, this move is aimed at supporting the wider crypto community impacted by the 2022 FTX collapse. The exchange lost $14.5 million when FTX went bankrupt, which they claim helped shape this new initiative.

The new platform offers a one-stop process for claim holders, including identity verification, claim validation, offer confirmation, and final settlement. Users can complete all of these processes within the Backpack interface. Buyers and sellers connect directly without relying on third parties. 

Notably, Backpack emphasized that it would not charge any fees and would not profit from the service. According to the exchange, this setup offers a smoother path to liquidity for FTX users. These users have been waiting for compensation for nearly three years after the exchange’s bankruptcy filing. 

Furthermore, users are advised to consider their options carefully. This is because holders who choose to wait for official estate distributions may eventually receive larger payouts. 

“The sale of the debt claims is a voluntary act and involves opportunity costs. If you choose to continue holding the debt claims, you may also receive higher compensation in the future. Please, make your decision carefully based on your own judgement,” the exchange stated. 

Backpack Moves to Restore FTX Users’ Trust 

FTX’s collapse shook crypto confidence and froze billions in user funds. The restructuring plan, which was approved less than two years after the company filed for bankruptcy, has been dragging on. 

Backpack’s new service reflects its commitment to helping users recover their funds. It also demonstrates that the exchange prioritizes users, aiming to rebuild trust and provide fairness in the post-FTX landscape. 

Meanwhile, Backpack’s history is closely related to FTX. The exchange was co-founded by former FTX general counsel Can Sun and Alameda Research employees. When FTX went bankrupt, Backpack was not spared as it lost millions of dollars. This loss seems to have provided both financial motivation and personal insight into managing bankruptcy recovery mechanisms.

In January 2025, Backpack acquired FTX EU, the Europe-focused arm of FTX. Months after the acquisition, the platform launched the withdrawal process for former FTX European customers.