In the wake of the catastrophic demise of the FTX exchange, a certain group of individuals and their platforms have arisen, endeavoring to alleviate the overwhelming burdens of despair and frustration borne by countless souls.
Backpack, a valiant provider of wallet and exchange infrastructure, has unveiled a charitable initiative—a non-profit channel for the sale of FTX claims, affording its users a remarkable opportunity to cast off their burdens without the shackles of fees. How noble! Or perhaps, just clever marketing? 🤔
Backpack’s Claims Platform: An Oasis Amidst the Desert of Confusion—Yet, Questions Abound
As discontent among creditors burgeons, particularly within the teeming masses of Asia, where the scales of compensation seem to waver precariously, this fresh initiative has captured the attention of the crypto faithful. The new sale feature permits users to conduct transactions directly upon the platform, resembling a farmer’s market for the distraught.
The exchange has declared a firm stance against charging fees, aiming, rather fashionably, to connect claim holders with prospective buyers. A union of the moral and the monetarily savvy, one might say. Yet, this decision assumes an air of shared camaraderie, born from their own misfortunes.
“At the twilight of 2022, FTX’s somber bankruptcy reverberated through the industry, yielding substantial sorrow for Backpack, which lost a staggering $14.5 million,” the team lamented on its official X account, clearly sharing in the shared suffering of former FTX users. Poor souls! 😢
Thus, Backpack unveils a channel for individuals worldwide to relieve themselves of their burdensome FTX claims. This launch particularly beckons attention in China—an irony perhaps, where 82% of the 49 nations under account freezes reside. Talk about a target demographic! 🎯
Analyst AB Kuai Dong, a beacon of clarity in tumultuous times, elucidated the mechanics with the precision of a clockmaker. Upon synchronization of their FTX account on Backpack, users shall receive an evaluation offer followed by a signing of a transfer agreement. A simple enough dance, wouldn’t you agree?
“Approximately 24 hours after signing the agreement, users shall then receive their corresponding USDC payout,” explained our diligent analyst, whose optimism dances like sunlight upon morning dew. 🌅
However, for those commanding substantial claims, a longer wait might be in store before the proverbial fruit is plucked. Meanwhile, those with needs less than the sum of $10,000 might enjoy a swift passage to peace of mind.
The Cry of China’s FTX Creditors: Legal Restrictions Fuel Frustration
As reported by BeInCrypto, FTX has formally requested the freezing of creditor payouts in jurisdictions adorned with rigorous crypto regulations—a move met with ardent ire from creditors in China, who argue, with a hint of justification, that they should be able to receive their rightful USD offshore. Such audacity! 💸
“Certain creditors of the FTX Recovery Trust reside in jurisdictions hosting laws that vexingly restrict cryptocurrency transactions,” FTX articulated, crafting the narrative of their plight with the utmost clarity. “If a Holder of a Claim is deemed a resident of such a jurisdiction, their claim may be forsaken.”
This maneuver incited vehement objections from the Chinese, who gracefully pointed out their legal standing to receive funds through the international waters of finance. And lo! In this vacuum lies the fertile soil that Backpack seeks to cultivate. 🌱
Pressure mounts upon the FTX estate, and in June, they intensified the ire of the masses by threatening to forfeit claims from international users if not filed through the coin-laden embrace of US-based bankruptcy channels.
“FTX previously barred users in China from filing claims, but Backpack has heroically introduced a transfer method for debt to liberate them from their monetary malaise,” remarked a Chinese user on X, embodying hope wrapped in skepticism.
Meanwhile, whispers have emerged that FTX has unstaked a dazzling $315 million worth of Solana (SOL)—a sum that many users believe could mollify the troubled spirits of creditor recoveries. 💰✨
Backpack, positioning itself as a bridge over troubled waters, offers a lifeline to those clamoring for deliverance from FTX claims amid the tumult of this monumental crypto collapse. However, skepticism persists, as many await the market’s verdict, with bated breath.
“The direction is promising; now we merely await the market’s playful test of this system,” mused one user, embodying an attitude of cautious anticipation.
Yet, shadows remain as ties between the founding team of Backpack and the FTX exchange give cause for whispered doubts. Perhaps the romance of this relationship is destined to be fraught with drama—a true tale worthy of Tolstoy himself!
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2025-07-18 10:52