Backpack Exchange, established by former FTX employees, is poised to enter the US crypto market with spot trading services in 2024, pending acquisition of money-transmitter licenses. The company has been operating primarily in Japan and the EU, where it recently launched perpetual futures trading under MiFID II regulations. CEO Armani Ferrante emphasizes that the US has always been a priority market, noting that Backpack’s self-custodial wallet has been available stateside since 2022. The exchange differentiates itself through daily proof-of-reserve updates and a focus on transparency, lessons learned from the FTX collapse. With $170 billion in trading volume since 2024 and most employees already based in the US, Backpack believes it can quickly capture significant market share upon entry.
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Backpack Exchange Glitch Post-Maintenance Sparks User Compensation
Backpack Exchange experienced significant disruptions following scheduled maintenance on July 3, with users reporting abnormal balance changes and order reversals upon relaunch. A coding error was blamed for the mishap, which affected futures positions and withdrawals, including a case where a $104,000 withdrawal was returned as 891 SOL. CEO Armani Ferrante assured users of compensation and emphasized the safety of funds, citing the exchange’s multi-party computation wallet and cold storage. Backpack also promised double points for users eligible for its native token airdrop as part of the redress. The incident highlights the vulnerabilities in crypto exchange operations and the importance of robust error handling mechanisms.
read moreBackpack Enables FTX EU Users to Reclaim Euro Balances
Backpack has announced that former FTX EU users can begin reclaiming their euro balances following KYC verification. The crypto exchange, which acquired FTX EU’s operations, requires users to complete identity checks matching their original FTX EU details before withdrawing funds. This initiative provides a crucial recovery avenue for customers impacted by FTX’s bankruptcy, ensuring compliance and security in the process. Backpack’s support page outlines the necessary steps, emphasizing the importance of accurate KYC details for successful fund retrieval.
read moreBackpack Opens Withdrawal Window for FTX EU Customers
Backpack has initiated the withdrawal process for former FTX EU customers, enabling them to recover their frozen euro balances through a dedicated portal. The claims process, which went live on May 12, requires users to submit bank details and a recent statement, with fees varying based on withdrawal amounts. While there is no fixed deadline, unclaimed funds will eventually be handled under financial regulations. The move marks a significant step in resolving the fallout from FTX’s collapse, though crypto withdrawals are still blocked.
read moreKeycard Launches Shell: Open-Source Hardware Wallet Pre-Sale
Keycard, a subsidiary of Status, has announced the pre-sale of Shell, a groundbreaking open-source hardware wallet. Shell redefines security with modular Keycards, air-gapped operation, and 100% verifiable firmware. Unlike competitors, it prevents key export and firmware upgrades, ensuring long-term trust. Features include duress PIN support, cross-wallet compatibility, and a replaceable battery. Early buyers get discounted bundles and Status Network rewards. Shell targets users demanding transparency and control, setting a new benchmark in crypto security. Pre-orders are available at keycard.tech.
read moreBackpack Clarifies FTX EU Acquisition Amid Ongoing Disputes
Backpack has clarified its acquisition of FTX EU amidst ongoing disputes involving the FTX estate. The clarification comes as stakeholders seek resolution in the complex legal landscape surrounding the collapsed cryptocurrency exchange.
read moreFTX Challenges Backpack’s Acquisition of European Subsidiary Amid Bankruptcy Dispute
FTX has contested the sale of its European subsidiary, FTX EU, to Backpack, a crypto platform founded by former FTX employees, claiming no court approval for the transaction. FTX asserts that the transfer was arranged without its or the court’s knowledge and emphasizes that Backpack is not responsible for settling claims related to FTX EU’s former customers. In contrast, Backpack’s CEO insists the acquisition was legitimate and approved by regulatory authorities, stating that FTX EU’s obligations are now managed solely by Backpack.
read moreFTX Disputes Backpack’s Acquisition of European Arm Amid Bankruptcy Proceedings
FTX has stated that Backpack’s acquisition of its European arm, FTX EU, has not been approved by the bankruptcy court, and Backpack is not authorized to manage creditor repayments. Backpack announced the acquisition on January 7, claiming it would handle repayments to EU customers, but FTX clarified that it was unaware of any indirect sale to Backpack prior to this week. The reorganization plan for FTX took effect on January 3, allowing creditors to begin receiving repayments, with initial distributions expected within 60 days for eligible claims.
read moreTop Trending Cryptocurrencies Solana AIXBT FTT Ripple and More Today
Solana leads the crypto market’s attention, fueled by Sol Strategy’s $25 million fundraising to enhance its ecosystem. AIXBT follows, despite a 15.77% drop post-listing on Bybit. FTT gains interest after Backpack’s acquisition of FTX EU, while Ripple’s visibility rises due to CEO Brad Garlinghouse’s meeting with President-elect Trump. Other notable mentions include Chainlink, Sonic EVM, Coinbase, Zambo, and OpenSea.
read moreMad Lads NFT Prices Surge After Backpack Acquires FTX Europe
Mad Lads NFTs saw a 19% price surge following Backpack’s acquisition of FTX Europe and its MiFID II exchange license, briefly reaching a floor price of nearly $18,300. Although the price has since corrected to $16,240, speculation around potential benefits from the acquisition continues. The collection has gained significant traction, with over $1.8 million in secondary trading, making it the second-most-traded NFT collection across blockchains.
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