Crypto Alternate Backpack has started the first phase of Claims Procedure for FTX EU customers. The move is taken after the FTX’s collapse of the European Branch collapse, under which FTX users in Europe will be returned to their lost funds. In an announcement made on 1 April 2025, Backpack said that now FTX EU users have to create an account to file a claim, submit their “Know Your Customer” (KYC) information and connect to FTX EU Clame Account. However, the information about the ending and distribution process of this phase has not yet been released by Backpack.
First phase information by Backpack Claims Procedure
Backpack has launched the first phase of Claims Procedure for FTX EU users, in which users must verify their identity and connect to the FTX EU account. For this, Backpack has released a FAQ Web Page, which states that the amount based on the claim will be charged. If the claim amount is less than € 2,000 ($ 2,158), then € 5 ($ 5.39) will be charged, while the amount will be charged 0.25% if it is more than that.
This move of Backpack FTX EU’s crypto users hopes that their funds will be returned soon, however, no last date has been set for this process nor a fixed time limit for distribution. FTX EU was acquired by Backpack in January 2025, which was done to handle the European branch after the Insolvency of FTX. After this acquisition, Backpack promised that it would return their funds to FTX EU users safely and fast.
Point to be noted is that Users will now pay 3 years after FTX FantWhich is a big relief news for users who have lost their money after investing in this exchange.
Questions arising about FTX EU users
This situation may be a bit complicated for FTX EU users, as after the banks of FTX, many platforms such as backpacks, kraken and bitgo are involved in this process. FTX Creditors Activist Sunil Kavuri had stated that there is confusion in the users of FTX EU as it is not clear who will distribute his funds back, Backpack, KRAKEN, or Bitgo. The confusion has created an atmosphere of anxiety among the users and they are expecting the return of their funds as soon as possible.
FTX users are advised to clarify their position and if their account does not come under FTX EU, they should file their claims with their claim FTX International. In addition, the users who were pending for cryptocurrency withdrawal on 11 November 2022, can file claims under the FTX’s US bankruptcy process and can get distribution from the FTX recovery trust, which has no connection with backpack.
For information, let us know that after the bankruptcy of FTX, the exchange founder Sam Bankman-Fied (SBF) is serving a jail sentence. At present, he is expecting an apology from President Donald Trump, but if the experts agree FTX Founder SBF forgives 0% Chance Are.
Conclusion
Backpack has started a claim process for FTX EU users, but the process has many complications and confusion. Users require complete information and correct guidelines about this process so that they can ensure safe return of their funds. Now it has to be seen how quickly and safely the backpack leads to users and how long the users of FTX EU get their lost funds.
