Backpack launches fund claim process for EU customers following acquisition of FTX’s EU arm

The bankruptcy reorganization plan of chapter 11 of the FTX was approved by an American bankruptcy judge in October 2024, paving the way for the distribution of creditors to creditors. This approval opens the land for the start of reimbursement efforts, with Kraken And Bitgo Manage global distributions.

While Kraken and Bitgo have been selected as official partners to help with the technical aspects of the reimbursement of creditors during the bankruptcy procedure, the role of backpack in the reimbursement process of FTX EU funds is part of the acquisition agreement. The backpack just acquired The former European branch of the FTX Exchange, which was approved by the FTX bankruptcy court and the Cyprus securities committee in December from last year. This allowed the backpack to restore FTX EU licenses and to offer a full suite of cryptographic derivative trading services to EU customers.

FTX Crypto Exchange, which laid For bankruptcy in November 2022, began Its reimbursement process of $ 13 billion on February 18, initially focusing on “convenience class” creditors – those with complaints up to $ 50,000, with reimbursements facilitated by Bitgo and Kraken. These creditors should receive complete compensation for their claim value deemed more an annual interest rate of 9% dating from November 2022, before April 11.

Earlier this month, the representative of the creditor FTX Sunil confirmed That the second payment distribution cycle, covering complaints at the same time and above $ 50,000, will take place on May 30.