Crypto exchange Backpack has initiated the first phase of the claims process for former FTX users in Europe.
According to an April 1 announcement, users will need to create an account on the exchange, submit Know Your Customer information, and connect it to their FTX EU claim account.
Backpack has not set a deadline for this phase of the claims process and has yet to provide a timeline for when distributions will begin. Users will face a withdrawal fee of €5 ($5.39) for claims under €2,000 ($2,158) and 0.25% for amounts above it.
Source: Armani Ferrante
Backpack acquired FTX EU in January 2025 to offer crypto derivatives, including perpetual futures, throughout Europe. The acquisition marked the end of a lengthy battle to buy the European arm of the bankrupt exchange.
Backpack CEO Armani Ferrante said at the time of the acquisition that the company was committed to returning FTX EU funds as fast and as safely as possible.
FTX creditor activist Sunil Kavuri told Cointelegraph
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