Can Backpack Solve FTX Claims Payout Issues for Global Users?
The post Can Backpack Solve FTX Claims Payout Issues for Global Users? appeared on BitcoinEthereumNews.com. As the fallout from the collapse of the FTX exchange continues, some platforms are stepping in to ease the burden. Backpack, a wallet and exchange infrastructure provider, announced a non-profit FTX claims sale channel, offering users a fee-free way to sell their claims directly on-platform. Backpack’s Claims Platform Offers Relief—but Not Without Questions The move comes amid rising frustration from creditors, especially in Asia, where access to compensation has been uneven. Against this backdrop, this new initiative is gaining attention across the crypto community. Backpack’s new FTX claims sale feature allows users to complete their claims directly on the platform. The exchange confirmed that it will not charge fees and aims to connect FTX claim holders with third-party buyers. Nevertheless, the platform’s decision appears rooted in shared experience. “At the end of 2022, FTX’s bankruptcy had a significant impact on the industry, causing considerable harm to Backpack as well. Having lost $14.5 million on FTX, we deeply understand the pain of being former FTX users,” the team wrote on its official X account. To that end, Backpack offers a channel where users globally can offload their FTX claims. The launch could garner particular interest in China, where 82% of the 49 countries earmarked for account freezing reside. Analyst AB Kuai Dong explained the mechanics, indicating that after users synchronize their FTX account on Backpack, they will receive an evaluation offer and then sign a transfer agreement. “Approximately 24 hours after the agreement is signed, users will receive the corresponding USDC payout,” the analyst explained. However, the evaluation offer and payout stages may require a longer wait time for large-amount users. Meanwhile, smaller users with claims below $10,000 could experience faster processing. China’s FTX Creditors in Focus as Legal Restrictions Spark Frustration As BeInCrypto reported, FTX filed a motion in US…
The post Can Backpack Solve FTX Claims Payout Issues for Global Users? appeared on BitcoinEthereumNews.com.
As the fallout from the collapse of the FTX exchange continues, some platforms are stepping in to ease the burden. Backpack, a wallet and exchange infrastructure provider, announced a non-profit FTX claims sale channel, offering users a fee-free way to sell their claims directly on-platform. Backpack’s Claims Platform Offers Relief—but Not Without Questions The move comes amid rising frustration from creditors, especially in Asia, where access to compensation has been uneven. Against this backdrop, this new initiative is gaining attention across the crypto community. Backpack’s new FTX claims sale feature allows users to complete their claims directly on the platform. The exchange confirmed that it will not charge fees and aims to connect FTX claim holders with third-party buyers. Nevertheless, the platform’s decision appears rooted in shared experience. “At the end of 2022, FTX’s bankruptcy had a significant impact on the industry, causing considerable harm to Backpack as well. Having lost $14.5 million on FTX, we deeply understand the pain of being former FTX users,” the team wrote on its official X account. To that end, Backpack offers a channel where users globally can offload their FTX claims. The launch could garner particular interest in China, where 82% of the 49 countries earmarked for account freezing reside. Analyst AB Kuai Dong explained the mechanics, indicating that after users synchronize their FTX account on Backpack, they will receive an evaluation offer and then sign a transfer agreement. “Approximately 24 hours after the agreement is signed, users will receive the corresponding USDC payout,” the analyst explained. However, the evaluation offer and payout stages may require a longer wait time for large-amount users. Meanwhile, smaller users with claims below $10,000 could experience faster processing. China’s FTX Creditors in Focus as Legal Restrictions Spark Frustration As BeInCrypto reported, FTX filed a motion in US…
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