Backpack has unveiled a fee-free platform for FTX victims to sell their claims.
The platform generated excitement as it pledged zero profits from the process.
FTT coin gained more than 7% amid the developments.
FTT joined today’s broad-based altcoin rallies with a significant surge.
While the altcoin narrative boosted the alt’s sentiments, the latest announcement from Backpack exchange added to the bullish momentum.
Backpack has launched a non-profit platform to help victims of the collapsed FTX exchange liquidate their bankruptcy claims.
The announcement triggered excitement, especially for creditors who have been in limbo for over two years, wondering whether they would ever recover their lost funds.
The Backpack team said:
We deeply understand the pain of being former FTX users. To assist other users who still hold FTX claims, we are launching a non-profit, completely neutral claims sale channel starting today, helping FTX global 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
Notably, Backpack was among the platforms that suffered massive financial losses following FTX’s late 2022 debacle.
It lost assets worth approximately $14.5 million as Sam Bankman-Fried’s empire crumbled.
Most importantly, Backpack is not after recognition or financial gains.
It has emphasized that this is a community-centric, zero-profit program introduced to link claimants with legitimate buyers in a secure environment.
The initiative enhanced sentiments among FTT holders, reflected by the surged prices.
A transparent and straightforward process
Backpack’s new offering adopts user-friendliness.
Individuals only need to visit the exchange’s platform and complete basic ID checks.
This is to adhere to regulatory policies.
After eligibility verification, qualified users will receive offers from legitimate buyers and enjoy a secure and frictionless process to liquidate their assets.
Remember, Backpack will not take commissions or charge fees throughout this process.
FTT rallies in response
While it remains a controversial token, as it lacked utility following FTX’s debacle, FTT remains a proxy for sentiments around the exchange’s bankruptcy efforts.
It has always reacted to developments associated with the creditor reimbursement process.
The digital coin gained from a daily low of $0.8779 to $0.9408 intraday peak.
That’s a 7% increase, and the recovering 24-hour trading volumes signal a potential trend shift to the buyer side.
Technical indicators on the daily timeframe support the upside trajectory.
The Moving Average Convergence Divergence displays bullish momentum with green histograms while above the signal line.
The Relative Strength Index at 63 signals more room for upswings before FTT reaches the overbought area.
Meanwhile, FTT’s future depends on the claimants’ decision. Relentless dumps would mean massive selling pressure for the native token.
Backpack has urged users to avoid selling with a disclaimer:
Selling claims is a voluntary action and involves opportunity costs. If you choose to continue holding your claims, you may receive higher compensation in the future. Please make a careful decision based on your own judgment.
On the other hand, bulls dominate the cryptocurrency sector as bullish sentiments prevail. Bitcoin hovers at $120,140.
A daily candlestick closing above $121,000 could trigger continued gains to free all-time highs at $132,000.
