Backpack Launches No-Fee Portal to Facilitate FTX Claim Sales for Users in Restricted Regions

Key Points

1. Backpack's no-fee portal allows FTX creditors to sell claims without platform fees, targeting approximately $470 million in claims, with $380 million already processed.

2. The platform leverages Backpack's acquisition of FTX EU and its MiFID II license, enabling verified payouts to eligible EU users despite ongoing legal scrutiny.

3. Backpack was founded by former FTX insiders and strategically acquired FTX EU to recover from financial losses and expand services, including €53 million in creditor repayments.

4. The initiative provides liquidity for FTX creditors in restricted regions like China and Russia, offering a transparent and efficient marketplace for claim sales.

5. Backpack's regulatory-backed approach sets a precedent for managing cryptocurrency bankruptcy claims in jurisdictions with strict financial regulations.