FTX EU Victims Begin Euro Withdrawals Through Backpack, Crypto Assets Still Locked

In a significant step toward compensating victims of the collapsed FTX exchange, Backpack has enabled euro withdrawals for former FTX EU customers. This development follows Backpack’s acquisition of FTX’s European operations earlier this year. While this marks progress in reimbursing affected users, cryptocurrency holdings remain inaccessible, with repayments limited to fiat currencies.

FTX EU Victims Gain Euro Withdrawal Access via Backpack, Crypto Remains Frozen

Backpack has initiated euro withdrawals for former FTX EU customers, marking a pivotal phase in reimbursing victims of the collapsed exchange. The process, launched May 12, stems from Backpack’s acquisition of FTX’s European operations in January 2025.

Affected users must complete a two-step verification through a dedicated portal, though the platform explicitly limits repayments to fiat currencies. "Trek Labs Europe LTD (Former FTX EU LTD) has now commenced payout of former FTX EU customer funds," states Backpack’s notice, emphasizing the euro-denominated nature of all claimable balances.

The development leaves digital asset holdings in limbo, with no timeline for crypto withdrawals. This partial resolution underscores the lingering complexities in unwinding FTX’s global footprint.

Bitcoin Shows Warning Signs of 2021-Style Double Top Formation

Bitcoin’s recent surge back above $60,000 carries unsettling echoes of its 2021 bull run pattern. The cryptocurrency has matured significantly since then, shedding associations with failed entities like FTX while gaining institutional credibility. Yet technical similarities to the April 2021 top - when BTC peaked at $65,000 before collapsing 57% in two months - are drawing trader scrutiny.

The 2021 cycle saw savvy capital exit during celebratory events like Coinbase’s IPO and MicroStrategy’s buying spree. Current price action suggests similar distribution may be occurring, though Bitcoin’s fundamental case remains stronger today with spot ETF inflows and macroeconomic tailwinds.