Backpack’s Bumpy Ride: Claim Your FTX EU Funds Before They Disappear! 🚀💸

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In a world where crypto dreams dance like shadows, the exchange known as Backpack has unfurled the first chapter of a saga for the former FTX users in Europe. Ah, the irony of fate! 🌍

On this fateful day, April 1, users are beckoned to weave their identities into the fabric of the exchange, submitting their Know Your Customer details, and linking them to their FTX EU claim accounts. A digital tapestry of hope and confusion! 🧵

But lo! The clock ticks without a deadline, and the timeline for distributions remains a mystery wrapped in an enigma. Users, brace yourselves for a withdrawal fee of €5 ($5.39) for claims under €2,000 ($2,158) — a small price for the privilege of uncertainty! 💰

Backpack, the valiant knight, acquired FTX EU in January 2025, promising to deliver crypto derivatives across the European landscape. A tale of triumph, or perhaps a comedy of errors? 🎭

Armani Ferrante, the CEO, proclaimed a commitment to return FTX EU funds swiftly and safely. But can one trust a promise in the realm of crypto? 🤔

Sunil Kavuri, the vigilant creditor activist, lamented the confusion swirling among FTX EU customers, as they pondered who would return their funds — Backpack, Kraken, or Bitgo? A riddle for the ages! 🕵️‍♂️

Details on the first part of the claims process

As the FAQ page reveals, all positions were closed at market prices when the exchange shuttered its doors, settled in euros — a bittersweet farewell to lost fortunes. 💔

Those with pending cryptocurrency withdrawals on November 11, 2022, should have filed claims in FTX’s US bankruptcy proceedings. Alas, the FTX Recovery Trust is a realm Backpack dares not tread. 🏰

Moreover, EU residents who signed up for FTX before March 7, 2022, are not deemed FTX EU customers. They must seek their fortunes with FTX International, not Backpack. A twist in the tale! 📜

FTX Estate’s next round of distributions on May 30

FTX Digital Markets, a separate entity from FTX EU, distributed its first round of reimbursements on February 18, with BitGo and Kraken playing the role of facilitators. The “Convenience Class” members, those with claims under $50,000, were the lucky ones! 🍀

The next round of reimbursements, tied to FTX’s US bankruptcy proceedings, is set to grace the world on May 30, involving creditors under Class 5 Customer Entitlement Claims and Class 6 General Unsecured Claims. A staggering $11.4 billion awaits to be doled out — if only the universe cooperates! 🌌

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2025-04-02 01:08