Backpack’s Bold Move: Will Your Money Ever Come Back? 🤔💸

What to know:

In a twist of fate, the crypto trading firm Backpack has taken the reins of the European arm of the now-defunct FTX, and they’re rolling out the red carpet for customers to reclaim their lost treasures.
However, don’t hold your breath; Backpack has yet to spill the beans on when the funds will actually start flowing.
Oh, and by the way, the bankruptcy estate of FTX isn’t exactly sending them a congratulatory card for this acquisition.

So here we are, folks. The crypto trading firm Backpack, having snatched up FTX EU for a cool $32.7 million back in January, is now inviting customers to embark on the thrilling journey of claiming their funds. Buckle up! 🎢

In a post on X, they’ve instructed customers to kick off the first step of the know-your-customer (KYC) verification. Because, you know, what’s a little bureaucracy among friends? 🙄

As for the second act of this grand performance? That would be the distribution of funds, but don’t ask when that curtain will rise. Backpack has cryptically noted it’s “coming later” on their FAQ page. Sounds promising, right? 😏

But wait, there’s more! The FTX estate has been quite vocal, claiming that Backpack was not part of the U.S. bankruptcy court-approved process for returning funds. So, it seems they’re not exactly authorized to hand out any cash just yet. Surprise! 🎉

Meanwhile, FTX has managed to gather a staggering $11.4 billion in cash to distribute to those poor souls affected by its spectacular collapse in 2022. Payments are set to commence at the end of May, but who knows? Maybe they’ll throw in a free toaster with every payout! 🍞

2025-04-02 18:11

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