- Backpack has unveiled a fee-free platform to help FTX victims sell their claims.
- The announcement generated excitement by promising zero profit from the process.
- FTT rose more than 7% amid the development.
FTT joined today’s broad altcoin rallies with a notable gain.
While the wider altcoin narrative boosted market sentiment, Backpack’s recent announcement added momentum to the upside.
Backpack has launched a non-profit platform to help victims of the collapsed FTX exchange settle their bankruptcy claims.
The announcement sparked relief and enthusiasm, especially from creditors who have been in limbo for more than two years and wondered whether they would ever recover their lost funds.
The Backpack team said:
We deeply understand the pain of being former FTX users. To help other users who still hold FTX claims, we are launching a non-profit, fully neutral claims-sale channel effective today, designed to connect FTX’s global claim holders with third-party buyers willing to purchase FTX claims.
📢 Update: Backpack has launched its official #FTX claims sale channel
It’s a one-stop flow — all inside the app:
🪪 Identity verification
📄 Claims validation
💰 Offer & settlement📌 #Backpack will not charge any fees or earn profit from this service
— TheNewsCrypto (@The_NewsCrypto) July 18, 2025
Backpack was among the platforms that suffered substantial financial losses after FTX’s collapse at the end of 2022.
The exchange lost assets valued at about $14.5 million when Sam Bankman-Fried’s empire folded.
Importantly, Backpack is not seeking recognition or financial gain from this initiative.
It has emphasized that the program is community-focused and zero-profit, introduced to safely connect claimants with legitimate buyers.
The initiative lifted sentiment among FTT holders, reflected in the token’s price movement.
A transparent and straightforward process
Backpack’s new offering prioritizes ease of use.
Individuals simply need to visit the platform and complete basic identity verification to comply with regulatory policies.
Once eligibility is confirmed, qualified users will receive offers from legitimate buyers and benefit from a secure, frictionless process for settling their claims.
Remember that Backpack will not take commissions or charge fees throughout this process.
FTT rallies in response
Although FTT remains controversial—its utility diminished after the FTX failure—the token still serves as a proxy for sentiment about the exchange’s bankruptcy resolution.
FTT has historically reacted to developments around creditor repayments.
The coin rose from a daily low of $0.8779 to an intraday high of $0.9408, a roughly 7% increase. Restored 24-hour trading volumes suggest a potential shift toward buyers.
Technical indicators on the daily timeframe support the upward move.
The moving average convergence divergence (MACD) shows bullish momentum with green histogram bars and the indicator sitting above its signal line.
The Relative Strength Index (RSI) at 63 suggests there is still room for recovery before FTT reaches overbought levels.
That said, FTT’s future largely depends on the choices claim holders make. Widespread, indiscriminate selling would create significant downward pressure on the native token.
Backpack has urged users to make responsible choices and included a disclaimer:
Selling claims is voluntary and involves opportunity costs. If you choose to hold your claims, you may receive higher compensation in the future. Please make a careful decision based on your own judgment.
Meanwhile, bullish sentiment dominates the broader crypto sector. Bitcoin is hovering around $120,140.
A daily candlestick close above $121,000 could pave the way for further gains toward fresh highs near $132,000.