From Yahoo Finance: 2025-04-02 10:49:00

Crypto trading firm Backpack, which acquired FTX EU for $32.7 million, is starting the fund claim process for customers. Step one involves completing KYC verification, with distribution of funds in the future. However, the acquisition was criticized by the FTX bankruptcy estate, stating Backpack wasn’t authorized to distribute funds.

FTX has accumulated $11.4 billion to distribute to those affected by its collapse in 2022. Payments are scheduled to begin at the end of May. The bankruptcy estate of FTX criticized Backpack’s acquisition of FTX EU, claiming it wasn’t part of the approved process for fund distribution.

Read more: New FTX EU Owner Backpack Initiates Customer Claims Process