- Backpack Exchange has officially launched fund withdrawals for former FTX EU users starting May 12, 2025.
- Users must complete KYC with their old FTX EU details before claiming available funds.
Backpack Exchange has finally opened the withdrawal process for former FTX EU users starting May 12, 2025. This is no ordinary announcement—for the thousands of users who have been waiting for clarity since FTX collapsed almost three years ago, this could be a light at the end of a dark tunnel.
Former FTX EU customers may now complete the two-step process to claim their Euro funds via Backpack EU.
1. Get Verified
2. Withdraw FundsStart here: https://t.co/qvUDpbs6oi pic.twitter.com/26Bkk2Zum3
— Backpack 🎒 (@Backpack) May 12, 2025
FTX EU Withdrawals Officially Begin, Backpack Prepares Final Steps
The process begins via a special page, where users are asked to complete identity verification or KYC with the same data as when they registered with FTX EU. After passing the verification, the balance in euros immediately appears on the dashboard of each account. All that remains is to wait for the distribution of funds, then users can withdraw their funds to their bank accounts.
But wait, it’s not that simple if you’re late. The CNF previously reported that FTX had disqualified 392,000 claims because users missed the KYC deadline set on March 3, 2025. However, there is still a breather for those who have already started the process: the deadline for completing KYC has been extended to June 1, 2025.
On the other hand, Backpack also applies a varied withdrawal fee scheme. Withdrawals under €2,000 are charged an €8 fee. Larger amounts have their own fee structure with a maximum of €353. It’s not complicated, but it’s definitely worth checking out before you hit the withdraw button.
Lawsuits, Creditors, and a Long Trail of Recovery
Furthermore, the withdrawal process actually comes amidst a number of other legal and financial developments still swirling around FTX.
On May 8, 2025, US District Judge K. Michael Moore ruled to dismiss most of the lawsuits against celebrities accused of promoting FTX without transparency about their fees. Names like Tom Brady and Stephen Curry were briefly named as defendants, but only two of the fourteen claims were pursued.
Interestingly, attorney Adam Moskowitz called the outcome a “partial victory” and plans to add more names to the list of defendants—including Major League Baseball and Formula 1 Racing. The legal drama is not over yet, it’s getting longer.
Meanwhile, from the creditor side, FTX itself promised that payments to them would begin on May 30, 2025. The amount collected is no joke—around $11.4 billion in cash is ready to be distributed. Priority is given to institutional investors and other large entities that have assets sitting on the platform. But don’t worry, individual creditors with claims under $50,000 have also started receiving payments earlier.
This is all part of a massive restructuring that was approved on January 3, 2025, when US Bankruptcy Judge John Dorsey approved a payment plan worth more than $14 billion. In fact, they promised payments of more than 100% to non-government creditors—something that rarely happens in bankruptcy cases.
However, Backpack EU still has to wait for the green light from the Cypriot authorities. Until now, their operating license is still suspended until at least May 30, 2025. During that time, they cannot accept new users or offer any additional services outside of claim settlement.
So, even though there has been great progress, there are still a number of limitations that prevent their steps from being completely free.
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