Backpack Completes FTX EU Acquisition, Launches Fund Recovery Process for Former Customers

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By Carine W.Apr 02, 2025

Former FTX EU users can now begin a two-step verification process to reclaim their frozen Euro assets.

On April 1, 2025, Backpack officially announced the completion of its acquisition of FTX EU, the European subsidiary of the now-bankrupt FTX Group. This move marks a significant step toward resolving the fallout from FTX's collapse and providing relief to affected customers.

A Clear Path to Asset Recovery

Backpack has launched a dedicated platform to assist former FTX EU users in reclaiming their frozen fiat funds. The process involves two steps: identity verification and fund distribution. The identity verification phase is now live on the platform eu.backpack.exchange. Backpack has emphasized that the recovery process complies with European financial regulations, ensuring security and transparency for all users involved.

Source: X

FTX EU’s Collapse and Its Aftermath

FTX EU, which was granted a regulatory license to operate in the European Union, became embroiled in the collapse of its parent company, FTX, in late 2022. Following FTX Group’s bankruptcy, FTX EU ceased operations, leaving customers unable to access their funds. Backpack’s acquisition of FTX EU is part of the broader effort to liquidate FTX’s global assets under the supervision of the U.S. Bankruptcy Court

Backpack FTX EU