Right, so it appears the chaps at Backpack crypto exchange, bless their cotton socks, have actually opened the verification process for those poor souls who used to frequent FTX EU. A key step, they call it. Personally, I’d call it a jolly good start after all this time. One wouldn’t want to get one’s hopes up 🙄.
This recent development, as they say in the papers, follows Backpack’s acquisition of FTX EU earlier this year. One assumes they weren’t planning on just using the office space for a game of cricket 🏏.
Identity Verification Process Begins
Apparently, this claims verification doohickey kicked off on April Fool’s Day, which, one must admit, does raise a skeptical eyebrow 🤨. But fear not, it seems legit. Former FTX EU types can now confirm their identities before any moolah changes hands.
According to the firm’s website – which, I trust, is less prone to collapsing than FTX itself – customers must complete a Know Your Customer (KYC) verification using the same email address they used on FTX EU. They’re being frightfully careful to avoid fraudulent claims. One can hardly blame them, can one? It’s all rather like trying to sort out a particularly messy game of charades.
Furthermore, Backpack Chief Executive Officer Armani Ferrante (sounds Italian, doesn’t he? Makes one think of spiffing lunches) acknowledged that the process has been a bit of a kerfuffle. However, he’s frightfully excited that the verification process is finally underway. He’s assured users that the exchange is working to return their money as soon as possible. One sincerely hopes they’re not holding their breath. ⏳
As of now, one can only verify one’s identity. Instructions for the actual withdrawal of funds will be announced in due course. Backpack promises to share updates as soon as they have them. One imagines there’ll be bunting and a brass band 🎺 when the time comes.
As reported by Coinspeaker (a publication I’m sure is read by all the best people), Backpack successfully acquired FTX EU in January 2025. The acquisition was approved by the FTX bankruptcy court and the Cyprus Securities and Exchange Commission (CySEC). All terribly official, you see.
As part of the deal, Backpack also secured access to FTX EU’s trading license. This allows them to offer licensed cryptocurrency derivatives trading across Europe, with a strong focus on compliance and customer trust. One hopes they’ve learned a thing or two from the previous occupants.🤞
Following the acquisition of FTX EU, Backpack signed an agreement to handle repayments to former customers. The chaps have repeated that their main goal is to return funds to users. This latest development reassures former FTX EU customers that they will regain their locked funds after waiting since the platform collapsed in November 2022. It’s like waiting for a particularly slow-moving bus, isn’t it? 🚌
FTX Estate Plans Large Creditor Repayments
Meanwhile, whispers abound that the broader FTX estate is also finalizing plans to repay creditors. By May 30, the bankrupt exchange plans to start making large payments to those owed more than $50,000. This will be one of the biggest disbursements since FTX went bankrupt. About time, what?
The embattled platform is certain that most claimants will get back about 118% of what they were owed based on the values recorded at the time of the bankruptcy. However, some creditors have expressed displeasure, stating that this does not cover the increase in crypto prices since then. One can’t please everyone, can one? 🤷‍♂️
In addition, many analysts suggest this payment process positively impacts the crypto market, though many creditors with larger claims will continue waiting for future distributions. The waiting game continues, it seems. 🤔
Some influencers added that this would comfort and reassure the users affected that they would be receiving their money back. One hopes they’re right, those jolly influencers are usually spot on. 🙄
Meanwhile, the first round of repayments to FTX creditors began in February. The repayments at the time were crucial for those who lost funds in the exchange’s historic collapse. The Bahamian arm of FTX, which was caught in the crossfire when the company fell apart in 2022, has started reimbursing users with claims under $50,000. A small victory for the little people, eh? 🎉
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2025-04-01 20:14