Backpack clarifies the FTX EU acquisition process, with asset purchase completed in June 2024

ChainCatcher news, according to The Block, the FTX estate claims that the announcement of the acquisition of FTX EU by Backpack Exchange was made without its knowledge and states that Backpack did not participate in the process approved by the U.S. bankruptcy court for returning funds to any FTX creditors.

Backpack clarified that in February 2024, the FTX group sold its European assets (including FTX EU) to a former insider, a transaction that was approved by the bankruptcy court and completed in May 2024. German court records show that Backpack later purchased these assets from the insider 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.

Backpack stated, "After obtaining approval, FTX Asset Management is obligated to transfer shares in accordance with the court-approved sale and purchase agreement. We look forward to the completion of the transfer so that we can begin returning customer funds to former FTX EU customers, just like the FTX bankruptcy asset management company."