Backpack kicks off FTX EU asset recovery process for customers

Backpack Exchange, which acquired FTX EU, the European arm of the bankrupt exchange run by Sam Bankman-Fried, has initiated "asset recovery" for former customers.

On Tuesday, the company posted a link on X that former FTX EU customers can use to identify themselves. Former customers must complete a know-your-customer (KYC) to initiate the process of recovering any lost funds.

After acquiring FTX EU earlier this year , Backpack assumed the responsibility of distributing the previously court-approved FTX bankruptcy claims to EU users. The company — a crypto exchange and digital wallet platform — was founded by former FTX and Alameda Research employees.

FTX and Alameda filed for bankruptcy in November 2022, which shook the entire digital assets industry to its core.

Backpack has acquired both a MiFID II license to facilitate its global expansion and offerings across the EU and a license from the Dubai Virtual Assets Regulatory Authority. The company was valued at $120 million during its Series A financing round in early 2024.