ChainCatcher news, Backpack Exchange, founded by former FTX and Alameda employees, has acquired the bankrupt FTX's former European entity for $32.7 million to expand its derivatives business in the region.FTX EU is one of the business units that ultimately went bankrupt after FTX collapsed in 2022. As part of the acquisition, Dubai-based Backpack will be responsible for distributing approximately €53 million ($55 million) in FTX bankruptcy claims previously approved by the court to FTX EU customers.The FTX bankruptcy asset manager filed a lawsuit attempting to recover millions of dollars from the original owners of FTX EU. The lawsuit was ultimately dismissed as part of a settlement agreement, which included the resale of the unit to FTX Europe's co-founders Patrick Gruhn and Robin Matzke. Backpack purchased the company from the co-founders. (Bloomberg)Yesterday's news, Backpack Exchange has received approval from the Cyprus Securities and Exchange Commission and the FTX bankruptcy court to officially acquire FTX EU. Backpack Exchange will be responsible for distributing the previously court-approved bankruptcy claims for FTX EU users.The trading platform is valued at $120 million in its Series A funding round in early 2024 and has obtained licenses from Dubai VARA and EU MiFID II. The newly established Backpack EU plans to launch in the first quarter of 2025, offering cryptocurrency derivatives trading services, supporting SEP A payments and major European currency wire transfers.

ChainCatcher news, according to The Block, former FTX user Alexander Nikolas Gierczyk has filed a lawsuit in the U.S. District Court for the Southern District of New York, accusing the hedge fund Olympus Peak of violating an agreement regarding additional bankruptcy claim proceeds. It is reported that Gierczyk transferred his bankruptcy claim worth $1.59 million to Olympus Peak at a 58% discount in November 2023.Recently, U.S. Bankruptcy Court Judge John Dorsey in Delaware approved the FTX asset restructuring plan. The plan is expected to repay FTX creditors between 129% and 146% of the claim value at the time of the bankruptcy filing in fiat currency. According to the lawsuit documents, based on this repayment ratio, Olympus Peak is expected to profit between $1.1 million and $1.4 million from Gierczyk's claim.The lawsuit documents indicate that although Gierczyk transferred the claim at a discount, the agreement with Olympus Peak included an "excess claim clause." This clause was originally intended to allow Gierczyk to receive additional compensation in the same proportion if the bankruptcy distribution exceeded expectations. However, the plaintiff's attorney stated that Olympus Peak has explicitly indicated it will not fulfill its obligations under this clause.

ChainCatcher news, according to Bloomberg, the claim prices of the bankrupt cryptocurrency exchange platform FTX Group have significantly risen in the secondary market, up to 73%, with the current trading price range between 57 cents and 73 cents.

ChainCatcher news, cryptocurrency exchange BitMEX has launched a prediction market that allows traders to bet on the outcomes of real-world events. As of September 13, there are three prediction market contracts available for trading: the recovery rate of FTX bankruptcy claims, the likelihood of a Bitcoin exchange-traded fund being approved on or before October 17, and the probability of SBF going to prison, with more contracts to be added in the future.

ChainCatcher news, the bankrupt crypto lending platform BlockFi stated on its social media that the attack on the bankruptcy claims agent Kroll also led to the leak of some customer data from BlockFi, but BlockFi's internal systems and customer funds were not affected.BlockFi reminds users to upgrade their security measures and be vigilant against scams such as phishing emails.

ChainCatcher message, FTX stated that a cybersecurity incident occurred at the bankruptcy claims agent Kroll, resulting in the leakage of non-sensitive customer data of some claimants in the bankruptcy case.Kroll is directly notifying affected individuals to be vigilant against phishing emails, while FTX's own systems were not impacted by this incident.

ChainCatcher news, according to CoinDesk, users holding assets on FTX and Celsius Network can now trade their claims on the crypto claims and trading platform Open Exchange (OPNX), founded by Three Arrows Capital co-founder Zhu Su and others.It is reported that when users sell their claims, they will receive the platform's native tokens reOX or oUSD, which can be used as collateral for trading on OPNX. (Source link)

ChainCatcher news, the bankruptcy tokenization product from the trading platform OPNX co-founder Mark Lamb and Heimdall CEO Vishal Shah has been confirmed to open to [Celsius](https://www.rootdata.com/zh/Projects/detail/Celsius Network?k=NDE5NQ==) users within a week, with an expected opening date of May 29. (source link)

ChainCatcher news, bankruptcy claims trading platform Xclaim announced the completion of a $7 million Series A funding round. Xclaim allows trading of major bankruptcy creditor claims, including FTX, Genesis, and BlockFi. Currently, the claim price for FTX is 19 cents, up from 13 cents earlier this year, while Genesis is at 52.5 cents and BlockFi at 18 cents. (source link)

ChainCatcher news reports that a knowledgeable source indicates that distressed asset funds can purchase FTX bankruptcy claims in the private OTC market for up to 20 cents on the dollar (with a claim investment valuation of 20%).Some public bankruptcy markets value the trading of distressed FTX assets at around 16% of the claim's face value. Individual claims listed for sale on the platform Xclaim reach up to $27 million.An anonymous FTX creditor stated that pricing in the private OTC market is similar, with distressed asset funds buying at prices between 15% and 20% of the claim's face value. "Their expectation is that it will take five years to get the funds. If these funds ultimately achieve a 25% return in five years, that's not a great deal, as the annual return is only around 5%. I believe many of these companies expect to recover about 50% of the claim's face value." (source link)

ChainCatcher news, the crypto bankruptcy claims trading market Xclaim indicates that thousands of customers from several bankrupt crypto exchanges, including FTX, BlockFi, Celsius, and Voyager, have listed their accounts for sale, totaling over $200 million in crypto assets.It is reported that Xclaim was founded by Matthew Sedigh in 2018 to allow crypto traders to unlock the value of frozen accounts through cash-settled accounts. Currently, over 15 million account holders globally hold approximately $30 billion in crypto bankruptcy claims. (Source link)