- 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.
Ethereum ETH/USD co-creator Vitalik Buterin has revealed what’s in his 40-liter minimalist backpack and the essentials include at least one Dogecoin DOGE/USD-related item.
The Bag And Its Contents: Buterin said in a recently penned blog that he optimized his luggage while taking 360 flights and traveling over 1.5 million kilometers in the past 9 years. He now travels with a 40-liter Hynes Eagle backpack that contains various other bags for organizational ease.
My 40-liter backpack travel guide:https://t.co/Sp72toSksl
— vitalik.eth (@VitalikButerin) June 20, 2022
In minimization, Buterin has maximized on USB-C electronics and Uniqlo clothing items. Just tossing in one power brick by Anker gets Buterin enough USB-C ports to charge his phone and laptop at the same time.
He also carries a USBC-friendly shaver and electric toothbrush.
See Also: How To Get Free Crypto
Layer Up For Warmth: Buterin’s clothes feature various items by Uniqlo which allow him to be comfortable in temperatures ranging from 0ºC (32ºF) to 20ºC (68ºF).
Buterin’s Clothing Layer Strategy — Courtesy Vitalik Buterin’s Blog
Quirky items include a pair of now-famous sweatpants supposedly featuring the Shiba Inu SHIB/USD mascot at the ETHDenver conference in February and a pair of mismatched gloves.
Two Standout Items: Benzinga noted a Dogecoin merchandise among Buterin’s backpack items.
Dogecoin Peeks Out Of Buterin’s Sub-Bags — Courtesy Vitalik Buterin’s Blog
Another photo shows Buterin utilizing the toilet paper roll as a microphone stand. Buterin’s go-to microphone is an Apogee HypeMIC, but it is a micro-USB variant not USB-C, according to the blog post.
On Ideal Luggage: Buterin says if you can manage it, 40-liters is the ideal sized backpack as it allows you to carry a “week’s worth of stuff” and it’s carrier friendly.
“Once you start going lower than 40 liters, the disadvantages start stacking up and exceeding the marginal upsides,” said Buterin.
If the 40-liters is a deal-breaker, you could always opt for a 50 or 60-liter backpack or carry a mini-suitcase in addition to the 40-liter backpack, which is allowed often on planes.
Read Next: Dogecoin Creator Says Crypto ‘House Of Cards’ Beginning To Crumble At Bottom
Photo via TechCrunch on Flickr