Recently, Backpack announced the acquisition of FTX EU, but this statement was quickly and strongly denied by FTX, which pointed out that the acquisition had not received any official approval or court recognition, and that its statement was misleading and confusing.

FTX’s response to Backpack’s acquisition announcement
FTX denies acquisition
FSB
Quickly refuted
Backpack

A press statement from
FSB
Still have
FTX EU
100% of the shares, and
Backpack
No authorization or approval has been obtained.
U.S. Bankruptcy Court
and FSBThe settlement agreement betweenFTX EU

📢 Key Updates on FTX EU and Backpack Claims:
- FTX clarifies that Backpack has not acquired FTX EU or been involved in the U.S. Bankruptcy Court-approved process for returning funds to creditors.
- The 100% ownership of FTX EU remains with FTX Europe AG, a subsidiary of FTX.
- Backpack’s recent press release and website statements regarding the acquisition of FTX EU were issued without FTX’s knowledge or approval and contain misleading information.
Bankruptcy Court Details:
- The U.S. Bankruptcy Court has not approved any acquisition of FTX EU by Backpack.
- FTX EU's sale was previously agreed upon to certain former insiders of FTX Europe under a court-approved settlement. FTX was unaware of any indirect transfer of FTX EU shares to Backpack.
Customer Fund Recovery:
- Backpack has no authority to distribute funds to FTX creditors, including former FTX EU customers.
- Any funds owed by FTX EU to its customers are to be determined solely by FTX EU after the completion of its sale. FTX explicitly states it is not responsible for these repayments.
Official Bankruptcy Updates:
- FTX’s Chapter 11 Plan of Reorganization became effective on January 3, 2025, with the initial distribution expected within 60 days of this date.
- Updates on the reorganization plan and creditor distributions are available at [FTX Bankruptcy Proceedings](https://cases.ra.kroll.com/FTX/).
#FTX #FTT $FTT

WHAT IS FTT?

FTT is the native cryptocurrency token of the FTX exchange, a cryptocurrency derivatives and spot trading platform. FTT was designed to provide utility within the FTX ecosystem and is used for various purposes, including:

1. Trading Fee Discounts: Holding FTT allows users to receive discounts on trading fees when using the FTX platform.
2. Collateral for Trading: FTT can be used as collateral for trading derivatives and other products on FTX.
3. Staking Rewards: Users can stake FTT to earn rewards, including increased referral bonuses, waived fees, and additional benefits.
4. Buy-Back and Burn Program: FTX uses a portion of its profits to repurchase and burn FTT tokens, reducing the circulating supply over time, which can potentially increase its value.
5. Ecosystem Features: FTT also integrates with other FTX products, such as tokenized stocks and prediction markets.

Note: As of late 2022, FTX and FTT experienced significant turmoil following allegations of mismanagement and insolvency. The exchange filed for bankruptcy, which led to a sharp decline in the value of FTT and loss of confidence in the token. If you're considering any involvement with FTT, research its current status and risks, as the situation may have evolved.
$FTT
#ftt
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