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

Zcash Faces 11% Decline Amid Growing Market Concerns

Zcash has experienced an 11% decline in the past 24 hours, raising concerns about market stability and the impact of AI on cryptography.

user avatarElias Mukuru

HTX Strengthens Global Compliance and Showcases at TOKEN2049

HTX has made significant strides in global compliance initiatives while participating in TOKEN2049, a major event in the crypto industry held in Singapore.

user avatarDiego Alvarez

SEC Files Charges Against Richard Heart for Fraud

The SEC charged Richard Heart and his entities with conducting unregistered offerings of crypto asset securities.

user avatarMaria Fernandez

HTX Marks 13th Anniversary with Major Celebrations and Trading Events

HTX celebrated its 13th anniversary with major events, including the Anniversary Carnival and Trading Championship 3, highlighting its resilience in the crypto market.

user avatarKenji Takahashi

Richard Heart Arrested in Istanbul on Interpol Charges

Richard Heart, founder of Hex cryptocurrency, was detained in Istanbul under an Interpol Red Notice for aggravated tax fraud.

user avatarGustavo Mendoza

MediaMarkt Saturn Ceases Sales of Ledger Devices Amid Security Concerns

MediaMarkt Saturn has stopped selling Ledger devices due to security concerns following a customer report of a hidden implant.

user avatarRajesh Kumar

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.