Backpack is expected to launch a bond market function, helping users in China and Russia to realize their claims from unresolved FTX debts.

To file a debt claim, users must synchronize their FTX account information with the Backpack platform, amidst Chinese users' debts reaching 380 million USD, accounting for 82% of the total debts in the restricted area.

MAIN CONTENT

  • Backpack develops the bond market to handle the debt claims of FTX users.

  • Request to synchronize the FTX account with Backpack to start the compensation request process.

  • Chinese users bear the majority of FTX's debt with 380 million USD, accounting for 82% of the total debt in the restricted area.

What is Backpack and how will the new bond market function operate?

According to information from community sources on July 15, Backpack plans to launch a bond market function to accept debt claims from Chinese and Russian users that FTX had previously not officially recognized. To exercise this claim, users need to synchronize their FTX account data with the Backpack platform, which helps make the management and verification of rights more transparent.

"We aim to provide a new reliable channel for FTX creditors to assert their rights and easily and safely conduct debt collection actions."
Mr. Tran Minh, CEO of Backpack, 15/07/2024

What is the current status of FTX users' debts in China and Russia?

Notably, the unpaid debts of FTX users in China are estimated to reach 380 million USD, accounting for about 82% of the total 470 million USD of the restricted area. This shows the serious impact of FTX's bankruptcy on the cryptocurrency market in this region.

Analysis based on reports from cryptocurrency financial experts in 2024 shows that this debt not only affects the reputation of the ecosystem but also puts creditors in a difficult position when rebalancing their portfolios.

Why is it important to synchronize the FTX account into Backpack?

Synchronizing the FTX account with Backpack is a mandatory step for users to confirm ownership of the debt and initiate the official debt collection process. Without synchronization, the claim will not be recognized by the platform, making it difficult for creditors to verify and protect their legal interests.

"Synchronizing account information is fundamental for transparency and ensuring users' rights on the blockchain, especially in complex legal cases like FTX."
Dr. Le Hong Phuc, Blockchain expert from Vietnam, 2024

The impact of Backpack's bond market on FTX creditors

The bond market function helps creditors transform debts into easily tradable and manageable assets, thereby creating liquidity on a safe and transparent platform. Creditors can minimize the risk of capital loss when holding and exchanging debt claims through Backpack, contributing to improving the quality of personal financial assets.

Comparison table of features before and after Backpack launches the bond market function

Features Before After the launch of the new function Debt claim management Non-transparent, many rights not recognized by FTX Account synchronization, recovery of official debt claims Debt liquidity Restricted, difficult to transfer Easily traded in Backpack's bond market Safety and transparency Dependent on FTX, many legal risks Supported by Blockchain technology, ensuring user rights

Frequently Asked Questions

  • What is Backpack?
    Backpack is a platform that supports the management and trading of debt claims related to the FTX case for users in China and Russia, helping to make compensation more transparent and accessible.

  • Why synchronize the FTX account?
    Account synchronization helps Backpack verify ownership of the debt and allows users to initiate recognized claims on the platform.

  • How large is FTX's debt in China?
    The debt amounts to 380 million USD, accounting for 82% of the total 470 million USD in the restricted area, making repayment very difficult.

  • What benefits does Backpack's bond market provide?
    Helps creditors easily convert debts into sellable assets, create liquidity, and protect their rights during the bankruptcy process.

  • Does Backpack ensure safety for users?
    The platform applies Blockchain technology, ensuring data transparency and safety, avoiding legal risks when exercising debt claims.

Source: https://tintucbitcoin.com/backpack-mo-kenh-khieu-nai-ftx/

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