According to Cointelegraph, the bankrupt cryptocurrency exchange FTX stated that the acquisition of its European branch FTX EU by the cryptocurrency exchange Backpack has not yet been approved by the bankruptcy court, and Backpack has also not been authorized to distribute funds to FTX creditors. Backpack responded that FTX reached an agreement in February 2024 with certain former insiders to sell several European assets, including FTX EU, which was approved by the FTX bankruptcy court in March 2024 and completed in May 2024. Payments have been made to the FTX bankruptcy estate according to the terms of the purchase.