According to ChainCatcher, according to The Block, FTX estate 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.
Backpack clarified that in February 2024, FTX Group sold its European assets, including FTX EU, to former insiders in a transaction that was approved by the bankruptcy court and completed in May 2024. German court records show that Backpack later purchased the assets from the insiders in June 2024. The transfer of FTX EU to Backpack required regulatory approval from the Cyprus Securities and Exchange Commission, which was obtained in December 2024.
“Following approval, FTX Asset Management is obligated to transfer the shares in accordance with the court-approved sale and purchase agreement,” Backpack said. “We look forward to the completion of the transfer so that we can begin returning customer funds to former FTX EU customers, as we did with FTX Bankruptcy Asset Management.”