Backpack has initiated the asset recovery process for former customers of FTX EU, allowing them to reclaim their euro funds. The process begins with identity verification, which is now live. This development follows Backpack's acquisition of the European arm of FTX's bankruptcy estate. Approximately 500,000 claims have been invalidated due to non-compliance with Know Your Customer (KYC) requirements, as FTX has received court approval to reject claims from users who failed to complete KYC verification by March 3, 2025. The KYC process is expected to be complex, involving paperwork and potential fees for claimants.