TL;DR
- Backpack has launched a non-profit, fee-free platform designed to help former FTX creditors liquidate their bankruptcy claims with zero commissions.
- This move has fueled optimism among FTT holders, driving the token’s price up to $0.9395 with a 2.97% gain in the last 24 hours.
- With trading volume spiking 20.97% to $19.42 million, FTT’s market cap now stands at $309.02 million.
Backpack’s latest initiative has sparked fresh hope for thousands of FTX creditors still waiting for relief more than two years after the infamous exchange’s collapse. By creating a neutral, secure space for creditors to sell their claims directly to verified third-party buyers, Backpack removes unnecessary middlemen and fees that often eat into already dwindling recoveries. The company, which itself lost about $14.5 million when FTX folded in late 2022, has pledged not to profit from this process, focusing instead on rebuilding trust.
FTT Price Jumps As Sentiment Shifts
The news triggered a clear price reaction for FTT, which climbed nearly 3% in the past 24 hours, trading around $0.9395 at the time of writing. The uptick aligns with a broader rally across altcoins, but the Backpack announcement added momentum for FTT specifically. Daily trading volume rose more than 20% to $19.42 million, pointing to renewed interest among traders. The Moving Average Convergence Divergence remains bullish, and the Relative Strength Index sits at 63, showing more room for upside before the token reaches overbought levels.
The fee-free structure of Backpack’s platform could help stabilize FTT’s sentiment in the near term. The token has long served as a proxy for speculation on how quickly and fairly FTX creditors might get repaid. With this new option, creditors can choose whether to liquidate immediately or hold out for potentially higher recovery through official bankruptcy proceedings. Backpack has made it clear that the choice rests solely with claimants and urges them to weigh their options carefully.
Secure Process, Zero Fees, Community Relief
To use the platform, users only need to complete simple ID checks to comply with regulations and verify claim ownership. Once approved, offers from verified buyers become available, ensuring a transparent, frictionless transaction. By not charging commissions or hidden fees, Backpack’s move stands out amid an industry often criticized for hidden costs.
As Bitcoin trades near $120,140, crypto bulls are watching FTT’s next move closely. Should positive sentiment continue and broader market strength hold, FTT could push higher as creditors take control of their recovery path. In this renewed environment, Backpack’s idea could mark an initial step toward fairer solutions for those who lost the most.
