Crypto Exchange Opens Marketplace for Chinese FTX Creditors to Sell Claims

Backpack, a crypto exchange with ties to FTX, has announced the launch of a new platform that allows creditors to sell their debt claims. This portal offers a fee-free solution for FTX users looking to sell their claims, operating on a non-profit basis to facilitate direct on-platform transactions.

Backpack Portal to Support FTX Creditors

In an X post earlier today, crypto exchange Backpack revealed the introduction of a “non-profit, neutral” service platform to support the broader crypto ecosystem affected by the FTX debacle in 2022. On July 18, 2025, the Chinese X account of the exchange shared a post, citing, “Backpack Officially Opens FTX Claims Sale Channel.” The post further read,

Having lost $14.5 million on FTX, we deeply understand the pain of being former FTX users. To assist other users who still hold FTX claims, we are launching a non-profit, completely neutral claims sale channel starting today, helping FTX global claim holders connect with third-party buyers willing to purchase FTX claims.

Notably, the platform streamlines the claims process, enabling users to complete real-name authentication, credit verification, pricing, and settlement payment all in one place. As guaranteed by the exchange, it will be fee-free and non-profit, ensuring users aren’t charged or exploited for the service.

According to analyst AB Kuai Dong, the process involves users linking their FTX account to Backpack, receiving an evaluation offer, and then signing a transfer agreement. He wrote on X, “Approximately 24 hours after the agreement is signed, users will receive the corresponding USDC payout.”

Previously, CoinGape reported that FTX filed a motion in a US bankruptcy court to temporarily halt creditor payouts in 49 countries with strict crypto regulations. Thus, Backpack’s platform focuses on users in restricted regions like China and Russia, having approximately $470 million in claims with the bankrupt exchange. Chinese users alone account for around $380 million of that total.

Backpack’s Turbulent Past with FTX

Interestingly, Backpack has a deep historical connection with the bankrupt crypto exchange. The 2022 FTX collapse cost the exchange $14.5 million, approximately 88% of its operating funds. It is noteworthy that Backpack was co-founded by former Alameda Research engineer Armani Ferrante and former FTX general counsel Can Sun.

Since the collapse, Backpack has prioritized transparency and security, introducing daily proof-of-reserves updates and strengthening safeguards for its products. In January 2025, the exchange secured FTX EU for $32.7 million. Via this acquisition, the platform obtained its MiFID II license and took on the responsibility of handling €53 million in creditor repayments.

However, the deal sparked controversy with the FTX bankruptcy estate questioning the deal’s legality. They raised concerns that the acquired exchange’s assets were improperly transferred. Also, questions were posed about the legal enforceability of Backpack’s repayment plan.

Backpack asserts that its acquisition was approved by Cypriot regulators and is separate from the main bankruptcy proceedings. Thus, it will allow the platform to move forward with user verification and withdrawals for eligible EU creditors.