Backpack has moved the FTX EU winding-down effort into its next phase, announcing on May 12 that former customers can finally claim the cash balances stranded when FTX collapsed. To do so, users must open a Backpack exchange account and pass Know Your Customer verification.
The company stresses that the personal details provided to Backpack must be identical to the ones originally submitted to FTX EU, warning: “If they do not, you will need to contact Backpack EU support at support@eu.backpack.exchange to update your Backpack EU account to reflect the same information used for your FTX EU claim. This ensures a smooth verification process and avoids delays in accessing your distribution.”
Who Qualifies as an FTX EU Customer?
The now-defunct platform only launched in March 2022, so anyone who registered before that date used FTX International by default—unless they subsequently created a specific FTX EU profile. Backpack reminds applicants that “Generally, EU-based users who signed up to FTX on or after March 7, 2022, are FTX EU customers, in which case they should make their claim with FTX EU.“ Yet even this guideline has exceptions: some Europeans kept using the global site after March 7, and Backpack urges everyone to review the terms of service that governed their original sign-up.
A Long Road from Bankruptcy to Acquisition
FTX EU found a lifeline in January 2025 when Backpack purchased the subsidiary after months of jostling among prospective buyers. The new owner’s chief executive, Armani Ferrante, pledged at the time to “return FTX EU funds as fast and as safely as possible.”
That promise quickly ran into turbulence when the U.S.-based FTX estate claimed the shares in FTX EU were still legally held by FTX Europe AG. “As of today, 100% of the share capital of FTX EU is held by FTX Europe AG, an FTX subsidiary,” the estate insisted, setting up a jurisdictional dispute that has yet to be fully resolved.
Claims Portal Went Live on April 1
Despite the legal wrangling, Backpack opened its claims portal on April 1, inviting victims to register and upload identification documents. The exchange has not imposed a deadline, choosing flexibility over haste so that users can locate old account data and reconcile any discrepancies. Internal teams are cross-checking claim requests against FTX EU’s ledgers and expect to release euro balances in batches once verification clears.
What Happens If Your Data Don’t Match?
Those whose names, addresses, or dates of birth differ between FTX EU and Backpack will have to update their Backpack profile before any money is released. The support staff emphasise that mismatched information could trigger anti-fraud flags, slowing down the entire procedure for everyone involved.
Looking Ahead: Derivatives and a Clean Slate
Beyond reimbursements, Backpack intends to relaunch the European outfit as a hub for crypto derivatives—perpetual futures in particular. Regulatory approval will hinge on the exchange’s ability to separate new trading operations from legacy liabilities. For claimants, the immediate priority is clear: complete KYC, double-check that every detail mirrors the original FTX EU record, and submit the request. With luck, the funds trapped since the 2022 meltdown will soon re-enter customers’ bank accounts.