- Backpack has launched a fee-free platform that allows victims of FTX to sell their bankruptcy claims.
- The platform has generated excitement by promising no profit from the process.
- The FTT token rose more than 7% amid the development.
FTT joined a broad-based altcoin rally today with a notable surge.
While the wider altcoin narrative bolstered market sentiment, a recent announcement from the exchange Backpack added extra bullish momentum.
Backpack introduced a nonprofit platform designed to help victims of the collapsed FTX exchange liquidate their bankruptcy claims.
The announcement sparked optimism among creditors who have been in limbo for more than two years, uncertain whether they will recover their lost funds.
The Backpack team said:
We deeply understand the pain of being a former FTX user. To help other users who still hold FTX claims, we are launching a fully neutral, nonprofit claims-sale channel today to help global FTX claim holders connect 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 significant financial losses after FTX’s collapse in late 2022.
The company lost roughly $14.5 million in assets when Sam Bankman-Fried’s empire fell apart.
Importantly, Backpack is not pursuing recognition or financial gain from this effort.
They emphasize that this is a community-centered, nonprofit program intended to connect claimants with legitimate buyers in a secure environment.
This initiative helped lift sentiment among FTT holders, which was reflected in the token’s price jump.
Transparent, simple process
Backpack’s new offering focuses on user-friendliness.
Individuals simply need to visit the exchange’s platform and complete a basic ID check.
This is required to comply with regulatory policies.
Once eligibility is verified, qualified users will receive offers from verified buyers and enjoy a safe, streamlined process to liquidate their assets.
Remember, Backpack will not take commissions or charge fees during this process.
FTT rallies in response
Although FTT remains a controversial token with limited utility after the FTX collapse, it still serves as a barometer for sentiment around the exchange’s bankruptcy proceedings.
The token typically reacts to developments tied to creditor recovery efforts.
FTT climbed from a daily low of $0.8779 to an intraday peak of $0.9408.
That represents a roughly 7% gain, and a recovery in 24-hour trading volume suggests a possible shift toward buyer dominance.
Daily technical indicators support the upward trajectory.
The Moving Average Convergence Divergence (MACD) shows bullish momentum with a green histogram above the signal line.
The Relative Strength Index (RSI) sits at 63, indicating there is more room to rise before FTT reaches overbought territory.
Ultimately, FTT’s future hinges on claimants’ decisions. Continued mass selling would put significant downward pressure on the native token.
Backpack urged users to consider carefully, noting:
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 forces dominate the broader cryptocurrency sector as positive sentiment persists. Bitcoin hovers around $120,140.
A daily candlestick close above $121,000 could trigger further gains and pave the way toward the all-time high near $132,000.