Backpack has unveiled a fee-free platform for FTX victims to promote their claims.
The platform generated pleasure because it pledged zero income from the method.
FTT coin gained greater than 7% amid the developments.
FTT joined immediately’s broad-based altcoin rallies with a major surge.
Whereas the altcoin narrative boosted the alt’s sentiments, the most recent announcement from Backpack alternate added to the bullish momentum.
Backpack has launched a non-profit platform to assist victims of the collapsed FTX alternate liquidate their chapter claims.
The announcement triggered pleasure, particularly for collectors who’ve been in limbo for over two years, questioning whether or not they would ever recuperate their misplaced funds.
The Backpack workforce stated:
We deeply perceive the ache of being former FTX customers. To help different customers who nonetheless maintain FTX claims, we’re launching a non-profit, fully impartial claims sale channel beginning immediately, serving to FTX international declare holders join with third-party consumers keen to buy FTX claims.
📢 Replace: Backpack has launched its official #FTX claims sale channel
It’s a one-stop circulate — all contained in the app:
🪪 Identification verification📄 Claims validation💰 Supply & settlement
📌 #Backpack is not going to cost any charges or earn revenue from this service
— TheNewsCrypto (@The_NewsCrypto) July 18, 2025
Notably, Backpack was among the many platforms that suffered huge monetary losses following FTX’s late 2022 debacle.
It misplaced property value roughly $14.5 million as Sam Bankman-Fried’s empire crumbled.
Most significantly, Backpack is just not after recognition or monetary beneficial properties.
It has emphasised that it is a community-centric, zero-profit program launched to hyperlink claimants with reputable consumers in a safe setting.
The initiative enhanced sentiments amongst FTT holders, mirrored by the surged costs.
A clear and easy course of
Backpack’s new providing adopts user-friendliness.
People solely want to go to the alternate’s platform and full primary ID checks.
That is to stick to regulatory insurance policies.
After eligibility verification, certified customers will obtain presents from reputable consumers and revel in a safe and frictionless course of to liquidate their property.
Keep in mind, Backpack is not going to take commissions or cost charges all through this course of.
FTT rallies in response
Whereas it stays a controversial token, because it lacked utility following FTX’s debacle, FTT stays a proxy for sentiments across the alternate’s chapter efforts.
It has at all times reacted to developments related to the creditor reimbursement course of.
The digital coin gained from a each day low of $0.8779 to $0.9408 intraday peak.
That’s a 7% enhance, and the recovering 24-hour buying and selling volumes sign a possible pattern shift to the customer aspect.
Technical indicators on the each day timeframe assist the upside trajectory.
The Shifting Common Convergence Divergence shows bullish momentum with inexperienced histograms whereas above the sign line.
The Relative Energy Index at 63 indicators extra room for upswings earlier than FTT reaches the overbought space.
In the meantime, FTT’s future will depend on the claimants’ choice. Relentless dumps would imply huge promoting stress for the native token.
Backpack has urged customers to keep away from promoting with a disclaimer:
Promoting claims is a voluntary motion and includes alternative prices. When you select to proceed holding your claims, it’s possible you’ll obtain larger compensation sooner or later. Please make a cautious choice primarily based by yourself judgment.
However, bulls dominate the cryptocurrency sector as bullish sentiments prevail. Bitcoin hovers at $120,140.
A each day candlestick closing above $121,000 might set off continued beneficial properties to free all-time highs at $132,000.
