Cryptocurrency trade Backpack issued a press release addressing controversy surrounding its buy of FTX EU.
Questions concerning the sale of FTX EU and who’s answerable for buyer funds have sparked a response from Backpack Change, after the FTX property’s statements left some confusion.
The difficulty appears to be round conflicting claims about who owns FTX EU and who’s on the hook for repaying prospects. The FTX property stated that “100% of the share capital of FTX EU is held by FTX Europe AG, an FTX subsidiary,” and that the switch of shares to former insiders Patrick Gruhn and Robin Matzke hadn’t gone by way of but. However Backpack says it purchased FTX EU from these insiders in a deal that was permitted by Cyprus regulators in December 2024.
Backpack clarified its function in a Jan. 9 press launch, confirming it can deal with the compensation of funds owed to former FTX EU prospects. Within the press launch, the trade defined that the FTX EU entity was first offered to former insiders in early 2024, a deal permitted by the FTX chapter courtroom in March 2024 and accomplished in Might the identical 12 months.
Later, Backpack acquired these identical property, with the switch finalized in June 2024. CySec, the Cyprus Securities and Change Fee, permitted the deal in December 2024 following a radical assessment course of.
The trade clarified that it’s going to take full duty for repaying former FTX EU prospects, not the FTX property. “FTX EU will be renamed to Backpack EU and Backpack EU will be solely responsible for redistributing former FTX EU customer funds,” the corporate acknowledged. Backpack plans to launch its European platform, dubbed Backpack EU, in Q1. The platform will supply a full suite of crypto derivatives, together with perpetual futures, all through the E.U.
