FTX Counters Backpack's Claim of Buying FTX EU

user avatar

by Giorgi Kostiuk

2 years ago


FTX and the FTX Recovery Trust have refuted Backpack's claims of acquiring FTX EU, describing them as misleading. FTX confirmed its ownership of FTX EU through its subsidiary and clarified the customer repayment process.

FTX’s Statement on Backpack's Claims

On January 7, 2025, Backpack claimed it had acquired FTX EU. However, FTX quickly responded that FTX EU is 100% owned by them through FTX Europe AG, and Backpack's statement was made without their knowledge. Although there was a previous agreement to transfer shares to former insiders of FTX Europe under a U.S. Bankruptcy Court settlement, it has not been completed. FTX noted that if the shares of FTX EU were transferred to Backpack without notifying them or the U.S. Bankruptcy Court, it was done illegally.

Backpack's Misleading Statements

Backpack claimed it would assist with returning funds to former FTX EU customers, but FTX made it clear that Backpack has no authority to manage customer repayments. Any amounts owed to FTX EU customers will be determined by FTX EU after its sale is completed. The company also clarified that it is not responsible for repayments related to FTX EU.

Disclaiming Backpack's Communications

FTX distanced itself from Backpack's press release and website, stating it has not reviewed or approved any information shared by Backpack. The company warned that Backpack's statements could confuse matters related to FTX EU and the U.S. bankruptcy process. Backpack, established in 2022 by Solana developer Ferrante, claims that acquiring FTX EU will boost its European presence through the MiFID II License.

FTX continues its U.S. Bankruptcy Court-approved Chapter 11 reorganization process, with initial distributions for customers with claims of $50,000 or less to begin within 60 days of January 3, 2025.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Analysts Identify Bullish Checkmate Setup for Bitcoin

Crypto trader Cheds Trading has highlighted a potential bullish checkmate setup on Bitcoin's 4-hour chart, suggesting that reduced selling momentum could lead to a significant price increase if buyers step in.

user avatarKaterina Papadopoulou

Payward Acquires AAVE Tokens to Explore Decentralized Credit

Payward, the infrastructure company behind Kraken, announced the acquisition of AAVE tokens through an affiliated fund.

user avatarMaya Lundqvist

Solana Labs Launches Leap Mobile Trading App for iOS

Solana Labs has launched an early-access beta version of its mobile trading app, Leap, for iOS users.

user avatarLeo van der Veen

Aave Labs Expands Fixed-Rate Lending Capabilities with Avon Acquisition

Aave Labs announced its acquisition of Avon to enhance fixed-rate lending capabilities.

user avatarLi Weicheng

Investigation into Binance Theft Reveals Complexities in Cryptocurrency Tracing

Elliptic's investigation into the October Binance theft reveals complexities in tracing stolen cryptocurrency assets, highlighting challenges in identifying recipients and the need for compliance.

user avatarTenzin Dorje

Elliptic Reports $124 Million in Stolen Assets Converted to Bitcoin

Elliptic reports that approximately $124 million of stolen assets from the October Binance breach have been converted into Bitcoin.

user avatarAisha Farooq

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.