- Backpack has launched a free platform that allows FTX victims to sell their bankruptcy claims.
- The platform generated strong interest because Backpack has committed to taking zero profit from the process.
- The FTT token gained more than 7% in value in response to these developments.
FTT joined today’s broad altcoin rally with a notable intraday rise.
While a general improvement in altcoin sentiment helped lift many tokens, Backpack’s announcement added clear momentum to FTT’s move.
Backpack rolled out a non-profit claims marketplace designed to help victims of the collapsed FTX exchange liquidate their bankruptcy claims.
The announcement created excitement among creditors who have been waiting for over two years, uncertain whether they would ever recover their lost funds.
The Backpack team said:
We deeply understand the pain of being former FTX users. To help others who still hold FTX claims, we are launching a non-profit, fully neutral claims sale channel today. The service connects global FTX claim holders with external buyers who want 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
It is worth remembering that Backpack was one of the platforms that suffered significant losses when FTX collapsed at the end of 2022.
The company reported roughly $14.5 million in assets lost as Sam Bankman-Fried’s empire fell apart.
Importantly, Backpack is not seeking recognition or financial gain from this initiative.
The team emphasized that the channel is a community-focused, zero-profit program intended to link claim holders with legitimate buyers in a secure environment.
The initiative boosted sentiment among FTT holders, which was reflected in the sharp price increase.
Clear, simple process
Backpack’s new offering is designed to be user-friendly.
Claimants need only visit the exchange’s platform and complete basic identity checks.
Those checks are in place to meet regulatory requirements.
After eligibility verification, qualified users will receive offers from legitimate buyers and can complete a secure, straightforward liquidation of their assets.
Backpack reiterated that it will not charge commissions or fees for facilitating the process.
FTT rises in response
Although FTT remains a controversial token because its utility was undermined by the FTX collapse, it continues to act as a sentiment barometer tied to bankruptcy proceedings and creditor recovery efforts.
The token has historically reacted to developments in the claims and distribution process.
On the day of the announcement, FTT climbed from a daily low of $0.8779 to an intraday high of $0.9408.
That represents roughly a 7% gain, and recovering volume during the 24-hour period suggests potential buyer-led momentum.
Daily technical indicators support the upward move.
The moving average convergence divergence (MACD) shows bullish momentum, with green histogram bars while the MACD line sits above its signal line.
The relative strength index (RSI) around 63 points to room for further gains before entering overbought territory.
However, FTT’s longer-term outlook depends on claim holder decisions. Continued mass sell-offs of claims would place significant downward pressure on the native token.
Backpack urged claimants to weigh their options carefully, noting:
Selling a claim is voluntary and carries opportunity costs. If you pursue the bankruptcy process, you may receive a higher recovery later. Make a cautious decision based on your own judgment.
Meanwhile, bullish sentiment is broadly dominant across the crypto market, helping lift many assets. Bitcoin is trading within the $120,000–$140,000 range.
A daily candle close above $121,000 could trigger further gains and open a path toward record highs near $132,000.