Backpack has launched the claims process for former FTX users in Europe, following its acquisition of FTX EU in January 2025. Users are required to create an account on Backpack, submit their Know Your Customer information, and link it to their FTX EU claim account. There is currently no deadline set for this phase of the claims process, nor a timeline for when distributions will start. Users will incur a withdrawal fee of €5 for claims under €2,000 and 0.25% for claims above this amount. CEO Armani Ferrante emphasized the company's commitment to the safe return of funds. However, there remains confusion among customers regarding who will distribute the funds, as names like Kraken and Bitgo have also been mentioned. The FAQ on Backpack's website clarifies that all positions were settled in euros at the time of the exchange's shutdown and that users with pending crypto withdrawals on November 11, 2022, should have claimed through FTX’s US bankruptcy proceedings. Distinctions were also made for EU residents who signed up before March 7, 2022, indicating they should file claims with FTX International. The next distribution related to FTX’s US bankruptcy is scheduled for May 30, 2025.

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