According to Foresight News, according to The Block, the FTX bankruptcy administrator claimed that Backpack Exchange's FTX EU acquisition announcement was released without its knowledge, and stated that Backpack did not participate in the process approved by the U.S. Bankruptcy Court to return funds to any FTX creditors. FTX EU is still wholly owned by FTX Europe AG, and the previously planned transfer of shares to former FTX Europe insiders has not yet occurred. According to Foresight News, according to The Block, the FTX bankruptcy administrator claimed that Backpack Exchange's FTX EU acquisition announcement was released without its knowledge, and stated that Backpack did not participate in the process approved by the U.S. Bankruptcy Court to return funds to any FTX creditors. FTX EU is still wholly owned by FTX Europe AG, and the previously planned transfer of shares to former FTX Europe insiders has not yet occurred.