Backpack had about 90% of its capital on FTX when the platform collapsed in November 2022, resulting in a loss of roughly $14.5 million. Founder and CEO Armani Ferrante, who previously worked at Alameda Research, detailed the exposure during an interview on October 19, 2026, after FTX Ventures had co-led a $20 million funding round just weeks before the collapse. In January 2025, Backpack acquired FTX Europe for $32.7 million, gaining a MiFID II license and responsibility for the claims of around 110,000 European customers. By mid-2026, the platform reported cumulative trading volume above $420 billion and more than 420,000 verified users, while emphasizing regulatory compliance, decentralization and independent verification of user balances.
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