• 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.

The crypto scammer behind the poisoning attack, responsible for stealing wrapped bitcoin (WBTC) worth $71 million, contacted the victim and asked for their Telegram details before sending over 51 ETH, equivalent to approximately $151,600.

The interaction, made known by the crypto investigator ZachXBT, was carried out on the Ethereum blockchain via an input data message (IDM), a type of peer-to-peer messaging.

Crypto Scammer Contacts Victim and Sends 51 ETH

Based on on-chain data provided by Etherscan, the scammer wrote to the victim twice, communicating the latter to offer their Telegram contact. “Leave your telegram, and I’ll call you tomorrow,” read the message from the scammer.

This outreach results from the victim’s demand of May 5 to return 90% of the stolen funds. The 51 ETH returned by the scammer represents about 4.2% of the requested amount.

#PeckShieldAlert The scammer took ~$71 million worth of WBTC through a poisoning scam and has now sent 51 ETH to the victim, along with a message pic.twitter.com/GL1I6eubWf

— PeckShieldAlert (@PeckShieldAlert) May 9, 2024

The victim responded through an IDM, warning the scammer about the traceability of the stolen funds and demanding a return of 90%.

“There’s no turning back after this,” the victim wrote, adding, “We both know there’s no way to clean these funds. You will be traced.”

The victim gave the scammer a day to deliver, with the deadline set at 10:00 am UTC on May 6, 2024.

Details of the Poisoning Attack

The theft occurred on May 3rd when the scammer moved 1,155 WBTC, worth $71 million, to his address. This manner of scam, called a poisoning attack, occurs when the attacker bombards the victim with a significant number of blockchain transactions.

The aim is to deceive the victim into repeating the fraudster’s address rather than their own. Attackers usually exploit vanity services or open numerous digital wallets with addresses resembling the victim’s to achieve a mistaken act.

Wrapped Bitcoin (WBTC) is an ERC-20 token tied to Bitcoin’s price. However, despite issues surrounding it, as of press time, WBTC was valued at $62,410, having increased by 0.26% in the past 24 hours.

The victim demanded the return of most of the stolen funds after realizing that tracking and laundering such a large sum would be difficult. The 51 ETH returned by the scammer may indicate a willingness to negotiate or a recognition of the difficulty in using the stolen funds without detection. However, the motives behind the scammer’s partial repayment and request for direct communication remain unclear.

Concurrently, blockchain sleuth ZachXBT noted that this form of communication and partial return of funds is unusual in such high-profile scams.

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Kelvin is a distinguished writer specializing in crypto and finance, backed by a Bachelor’s in Actuarial Science. Recognized for incisive analysis and insightful content, he has an adept command of English and excels at thorough research and timely delivery.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.