Backpack Opens Door for FTX EU Customers to Claim Frozen Funds

Crypto exchange Backpack has begun processing fund claims for former users of FTX EU, offering a path to recover euro balances frozen since the collapse of Sam Bankman-Fried’s empire. Backpack confirmed that users of the now-defunct FTX EU can start reclaiming their funds via its platform, provided they complete Know Your Customer (KYC) verification. The move follows Backpack’s acquisition of FTX EU in January 2025 to revive the platform under new leadership and returning locked user funds. To begin the process, FTX EU users must open a Backpack account and ensure that their personal information matches exactly with the details submitted to FTX EU during the original registration. Backpack warned that mismatched KYC information could delay fund access. Users facing such issues are advised to contact Backpack support to manually update their records. “This ensures a smooth verification process and avoids delays in accessing your distribution,” Backpack noted in its support documentation. Not every user from the European Union qualifies. The eligibility hinges on a key date: March 7, 2022. Users who signed up to FTX on or after that date may fall under FTX EU’s umbrella , depending on whether they registered via the EU-specific portal. Those who joined before that date are likely customers of FTX International and must pursue a separate claims process. Still, Backpack clarified that some exceptions exist, and EU-based users should double-check the FTX terms of service to confirm their status. Backpack opened the claims process on April 1, with no set deadline for users to apply. But the process exists in a legal gray zone. While Backpack now operates FTX EU’s services and infrastructure, the U.S.-based FTX estate contested the legitimacy of the sale, arguing that the ownership transfer of FTX EU was never finalized. “As of today, 100% of the share capital of FTX EU is held by FTX Europe AG, an FTX subsidiary,” the estate said in an earlier statement, disputing the January transfer. Despite the legal wrangling, Backpack CEO Armani Ferrante pushed ahead with fund recovery, stating in January that returning FTX EU customer funds would be the top priority — and the fastest way to restore trust. For many users in the EU, Backpack’s claims process is the first concrete step toward recovering funds lost in the FTX implosion. While broader bankruptcy proceedings remain slow and contentious, Backpack’s move represents a rare case where users of a failed exchange might actually see a payout without waiting years.