Backpack Launches No-Fee FTX Claims Portal for Creditors
Backpack has launched a no-fee FTX claims portal that lets global creditors in restricted regions sell debt claims directly to institutional buyers. The new FTX claims portal integrates identity verification, claim validation and settlement under an EU MiFID II license, streamlining liquidity and offer management in the secondary claims market. It targets roughly $470 million in deferred claims—$380 million from China and significant holdings in Russia—offering faster recovery for FTX creditors. Participation is voluntary; creditors must balance immediate payouts against potential future distributions from the FTX bankruptcy estate. Founded by former FTX insiders, Backpack rebounded from an 88% funding loss by acquiring FTX EU for €32.7 million and has since repaid over €53 million to creditors. This transparent, commission-free model may set a new standard for managing cryptocurrency bankruptcy claims and boost market efficiency.
Neutral
By enabling faster claim sales, the portal increases liquidity for creditors but does not directly affect any cryptocurrency’s supply or demand. In the short term, smoother payouts may reduce selling pressure on FTX’s token, yet the absence of new token issuance or trading incentives means price impact remains minimal. Over the long term, the transparent, fee-free model could improve confidence in crypto bankruptcy processes but is unlikely to drive significant price trends. Therefore, the news is neutral for market prices.