According to TechFlow, on January 9, according to The Block, Backpack issued a clarification statement on the acquisition of FTX EU. Previously, the FTX bankruptcy administrator stated that Backpack announced the acquisition without its knowledge and had no right to participate in the process of returning funds to FTX creditors.

Backpack responded that the FTX bankruptcy administrator sold European assets to former insiders in February 2024, and Backpack subsequently acquired assets from these insiders in June and has been approved by the Cyprus Securities and Exchange Commission. After the share transfer is completed, FTX EU will be renamed Backpack EU, which will be solely responsible for returning funds to former FTX EU users.