FTX EU Users Can Now Withdraw Funds via Backpack Exchange
By: crypto news flash|2025/05/12 18:15:05
0
Share
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 Verified2. Withdraw FundsStart here: https://t.co/qvUDpbs6oi pic.twitter.com/26Bkk2Zum3— Backpack (@Backpack) May 12, 2025FTX EU Withdrawals Officially Begin, Backpack Prepares Final StepsThe 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 RecoveryFurthermore, 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.
You may also like

SharpLink CEO: How to understand that Ethereum developers have just surpassed 1 million?
The most important question in the cryptocurrency industry is not which chain is the fastest, but rather where top builders choose to build in the long term. Ethereum has just surpassed one million cumulative developers; what does this number mean?

Morning Report | MiCA grace period expires on July 1; Kalshi's trading volume in the first week of the World Cup breaks $5.1 billion, setting a record
Overview of Important Market Events on June 15

The foundation of SpaceX's trillion-dollar valuation: Who is dividing Musk's annual capital expenditure of tens of billions?
SpaceX Supply Chain Revealed: The Invisible Gold Mine Behind the Trillion-Dollar "Space Dream," from Nvidia's Computing Power Monopoly to China's Sole Supplier of Special Materials, these overlooked water-selling talents are the true wealth creation engine.

How to exit after asset tokenization?
Currently, three models have emerged, aimed at providing instant exit routes for tokenized real-world assets. Their differences lie in: who holds the funds required for exit, how efficiently the funds operate, and the extent to which this model can be scaled across different asset types.

The stablecoin positioning battle escalates: When compliance is just a ticket to entry, will USD1 become the biggest winner?
How does the GENIUS Act reshape the stablecoin landscape?

A16Z: The sun bears witness, SpaceX is worth 7.5 trillion
A deep analysis of Musk's ultimate grand vision: how SpaceX, xAI, and Tesla are deeply intertwined, using space AI data centers and Starships to gradually turn the sci-fi fantasies of Mars colonization and multi-planetary civilization into reality.

Mergers and acquisitions in the cryptocurrency market are exceptionally active
Behind the rise in mergers and acquisitions is a sluggish financing market, declining project valuations, and increased pressure for startup teams to exit. However, it also indicates that the cryptocurrency industry has not lost its capital vitality, but is completing resource reorganization in anot...

Concerns Behind the Binance Customer Service Controversy
As the user base expands to the scale of Binance today, relying on the personal efforts of the founder and a few employees to fill process gaps has become an unsustainable arrangement.

SpaceX Stock Prediction After the IPO: Can SPCX Reach $200 Before QQQ Inclusion?
SpaceX stock has become one of the hottest trades of 2026. Can SPCX reach $200 before QQQ inclusion? Discover the latest SpaceX stock prediction, analyst targets, Bitcoin exposure, and the key catalysts that could move SpaceX stock after its historic IPO.

Congratulations to Carl Moon on His Historic Ferrari Challenge Le Mans Podium Triumph
Crypto influencer and racing enthusiast Carl Moon finished third in the Ferrari Challenge Le Mans Coppa Shell class, marking his best result of the year. As his racing partner and sponsor, WEEX celebrates this remarkable achievement and continues to lead crypto’s journey beyond boundaries, uniting the innovation of digital assets with the passion of motorsport.

Can the CLARITY Act Become Law by July 4? Everything You Need to Know About the Final Battle
The CLARITY Act has cleared a major Senate hurdle, but the hardest battle is still ahead. With the July 4 deadline approaching, can the White House finally pass its biggest crypto regulation bill? Find the clues in our exclusive analysis below.

France vs Senegal World Cup 2026: Mbappe’s New Era Begins Against a Historic Rival
France vs Senegal World Cup 2026 preview: Can Mbappe lead France past Senegal after the shocking 2002 World Cup defeat? Full team news, predicted lineups, key battles, and WEEX's exclusive match prediction.

What is the connection between Huang Zheng of Pinduoduo and blockchain?
From Pinduoduo's "reverse insurance" to blockchain's smart contracts, this article explains how Huang Zheng's underlying logic uses "certainty" rules to reshape the flow of wealth for ordinary people.

Morning Report | Prediction market platforms like Kalshi and Polymarket jointly sue Kentucky over 14.25% trading tax; Bridgewater founder discusses decision-making in the AI era: principled thinking should run parallel to AI, human insight remains irre...
Overview of Important Market Events on June 15

If the AI bubble has already burst, who will truly remain?
What remains after the AI bubble bursts? The plummeting cost of computing power is driving AI to accelerate the reshaping of various industries. What will be left after the major reshuffle is an irreversible revolution in real productivity.

Paul Graham: How to Make a Billion Dollars
Silicon Valley guru Paul Graham reveals the underlying logic of billion-dollar wealth: no need to cheat, just create products that users love intensely, allowing exponential growth to create wealth miracles.

After 18 years, blockchain has finally started to head towards the main channel
When AI becomes the new center of gravity in the capital market, the response of crypto VCs is not to stick to "Crypto-only," but to repackage crypto as the financial track, ownership layer, and autonomous system infrastructure of the AI era.

Claude enforces "facial recognition for household registration," starting in July, no ID card means no access?
Anthropic has issued an urgent notice that Claude users may face real-name verification in July. From now on, every time you use Claude, you may need to be prepared with your ID.
SharpLink CEO: How to understand that Ethereum developers have just surpassed 1 million?
The most important question in the cryptocurrency industry is not which chain is the fastest, but rather where top builders choose to build in the long term. Ethereum has just surpassed one million cumulative developers; what does this number mean?
Morning Report | MiCA grace period expires on July 1; Kalshi's trading volume in the first week of the World Cup breaks $5.1 billion, setting a record
Overview of Important Market Events on June 15
The foundation of SpaceX's trillion-dollar valuation: Who is dividing Musk's annual capital expenditure of tens of billions?
SpaceX Supply Chain Revealed: The Invisible Gold Mine Behind the Trillion-Dollar "Space Dream," from Nvidia's Computing Power Monopoly to China's Sole Supplier of Special Materials, these overlooked water-selling talents are the true wealth creation engine.
How to exit after asset tokenization?
Currently, three models have emerged, aimed at providing instant exit routes for tokenized real-world assets. Their differences lie in: who holds the funds required for exit, how efficiently the funds operate, and the extent to which this model can be scaled across different asset types.
The stablecoin positioning battle escalates: When compliance is just a ticket to entry, will USD1 become the biggest winner?
How does the GENIUS Act reshape the stablecoin landscape?
A16Z: The sun bears witness, SpaceX is worth 7.5 trillion
A deep analysis of Musk's ultimate grand vision: how SpaceX, xAI, and Tesla are deeply intertwined, using space AI data centers and Starships to gradually turn the sci-fi fantasies of Mars colonization and multi-planetary civilization into reality.
Customer Support:@weikecs
Business Cooperation:@weikecs
Quant Trading & MM:bd@weex.com
VIP Program:support@weex.com
