Ultimate Guide to FTX Debt Claim: How I Recovered My Assets Through Backpack (Tested and Received)

Today's mood is hard to express; just now, I successfully retrieved the money that had been frozen for nearly three years due to FTX misappropriating user assets. Although the amount is not large, to me, it is undoubtedly a significant 'windfall'.

Looking back to November 11, 2022, when FTX declared bankruptcy, nearly three years have quietly passed. As one of the former major user groups, we Chinese users seem to have been forgotten in the long liquidation process; not only is the claim channel not smooth, but there were even rumors that our assets might be directly wiped out, which undoubtedly caused great torment to every victim.

Although the over-the-counter debt trading of FTX has been ongoing, the cumbersome process and harsh asset discounts have deterred most ordinary users.

Just when many people were about to lose hope, the Backpack team came like white knights, bringing us their FTX debt sale system, opening up a brand new official solution path for us.

On July 18, Backpack officially announced the opening of the debt sale channel for FTX users.

Official Announcement Link: x.com/Backpack_CN/st…

Below, I will review my entire operation process step by step, hoping to help every friend who is still waiting.

Detailed Operation Process

Step 1: Prepare a Backpack account

This is the prerequisite for all operations. You first need to have a Backpack account that has passed identity verification (KYC).

New User Registration: You can register through this link; the platform supports KYC for users in China.

https://backpack.exchange/refer/bc295f2f-a46d-4edd-b5b4-690a345747b6

Existing users: Please log in directly.

Step 2: Enter the FTX Claim Page

After registering or logging in, directly visit the dedicated claim link below:

backpack.exchange/ftx-claims

The page will require you to enter the following information to verify your identity as an FTX creditor:

Email Address (the email you used to register for FTX)

Password (your FTX account password)

2FA Dynamic Verification Code

【Special Note】

The 2FA verification code here must be a time-based dynamic code (such as Google Authenticator, Microsoft Authenticator, or the password verification feature built into Apple devices). Email-based 2FA is not supported. If your FTX account is still using email 2FA, you need to first go to the official FTX claim website claims.ftx.com to change it to app authenticator mode.

Step 3: Login and Email Verification

After entering the information and clicking login, the system may prompt (see English) 'Password or 2FA error'. If you are sure you entered it correctly, please be patient and try a few more times. I personally tried at least 10 times before I successfully moved on to the next step.

Or you can also try to log in to the FTX website first to see if there are any mistakes.

When you see the page prompt 'Need to complete email verification', congratulations, you have successfully logged in! At this moment, please do not click 'Reset and Continue'.

If you need to reset, just log in again.

The correct operation is:

1. Wait a moment, your FTX registered email will receive a login confirmation email.

2. Forward this confirmation email directly to [email protected] (it should all be forwarded to this email, and if it changes later, follow what is displayed for you to forward).

3. After forwarding the email, do not click reset and continue; if you click reset, you will have to re-enter the password. Keep the current page unchanged and wait for the system to confirm automatically.

Step 4: Review and Accept the Offer

After system verification is passed, the page will display the acquisition offer provided by Backpack. Based on my experience, the offer is usually around 88%, so it is recommended to calculate your total assets in FTX in advance, compare the offer, and calculate whether to accept it.

Step 5: Complete the Final Identity Verification (KYC)

After accepting the offer, the system will guide you to the Sumsub platform to complete the final identity verification.

【KYC Notes】

Document Requirements: At this stage, only passports are supported, and ID cards are not supported. Please prepare your passport in advance.

Proof of Address: I used an electronic credit card bill and passed on the first try. The key is that the bill must clearly print your name and complete home address. I heard that some bank savings card bills can also work, so call your bank's customer service to ask them to send you an electronic bill with the address.

Step 6: Sign the transfer document and wait for payment.

After KYC verification is approved, the page will automatically redirect to an electronic signature website. Follow the instructions and click 'Next' all the way, then complete the signature in the upper right corner.

Once completed, you will receive an email with the subject 'Signed copy of 'Transfer_Assignment'', which signifies that your claim has been successfully transferred.

Congratulations, wait to receive your USD from Backpack!

Some reflections

It has been almost 3 years since FTX officially declared bankruptcy on 2022/11/11. I especially want to thank Backpack's first customer service @leoding0806x for helping me smoothly recover my compensation. In fact, after I completed KYC, the system once showed 'Claim has been denied'. At that moment, my heart sank, thinking there was no hope again. In a moment of urgency, I found him in the official Telegram group, and he stepped up very promptly, actively helping me contact the Sumsub platform to inquire about the reason, ultimately assisting me in passing the verification and successfully obtaining the compensation.

To be honest, for an exchange, building a debt sale platform that has no direct profit is a thankless task. But the Backpack team @armaniferrante still resolutely did it and promised not to charge any fees or profit from the entire process. This kind of vision and responsibility gives me great confidence and goodwill towards this platform.

Therefore, I sincerely hope that everyone does not just withdraw their funds after successfully filing a claim, but can spend more time experiencing this emerging exchange.

Finally, once again, thumbs up for @Backpack! I hope this sharing can help friends who are still waiting.

@Backpack

@Backpack_CN