Crypto trading firm Backpack, which bought the European arm of bankrupt exchange FTX, has begun the process for customers to claim their funds. Backpack, which purchased FTX EU for $32.7 million in January, directed customers to complete the first step of know-your-customer (KYC) verification in a post on X on Tuesday . Step two of the process will be the distribution of funds, though it is unclear when this will occur. Backpack describes this as "coming later" on its FAQ page . Backpack's acquisition of FTX EU was criticized by the bankruptcy estate of the broader entity of FTX . The FTX estate said Backpack had no involvement in the U.S. bankruptcy court-approved process for returning funds and that it did not have authorization to make any distributions to customers. FTX has gathered $11.4 billion in cash to distribute to parties affected by its collapse in 2022, with payments set to commence at the end of May .
