{"id":20179,"date":"2025-01-09T18:33:30","date_gmt":"2025-01-09T16:33:30","guid":{"rendered":"https:\/\/forklog.com\/en\/ftx-disputes-backpack-exchanges-claim-to-have-bought-ftx-eu\/"},"modified":"2025-01-09T18:33:30","modified_gmt":"2025-01-09T16:33:30","slug":"ftx-disputes-backpack-exchanges-claim-to-have-bought-ftx-eu","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/ftx-disputes-backpack-exchanges-claim-to-have-bought-ftx-eu\/","title":{"rendered":"FTX disputes Backpack Exchange\u2019s claim to have bought FTX EU"},"content":{"rendered":"<p>FTX\u2019s liquidators called Backpack\u2019s statements about an alleged acquisition of FTX EU and the reimbursement of former customers \u201cmisleading\u201d. <\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">The FTX Debtors today provided clarification on certain statements by Backpack relating to Backpack\u2019s purported acquisition of FTX EU. Read more here: <a href=\"https:\/\/t.co\/WVwfNXBKRj\">https:\/\/t.co\/WVwfNXBKRj<\/a><\/p>\n<p>\u2014 FTX (@FTX_Official) <a href=\"https:\/\/twitter.com\/FTX_Official\/status\/1877112756953809114?ref_src=twsrc%5Etfw\">January 8, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>FTX said the company, founded by former employees of the exchange and Alameda Research, issued the press release without its knowledge or involvement. The estate clarified several points from Backpack\u2019s statement:<\/p>\n<ul class=\"wp-block-list\">\n<li>As of today, 100% of FTX EU\u2019s equity is owned by the exchange\u2019s European subsidiary, FTX Europe AG;<\/li>\n<li>previously, as part of a settlement, FTX creditors supported selling the European platform to former FTX Europe insiders. Those insiders agreed to an indirect transfer of FTX EU to Backpack. However, the Delaware bankruptcy court has not approved this transaction;<\/li>\n<li>FTX has not authorized Backpack to make any reimbursements to its former customers, including users of FTX EU;<\/li>\n<li>Backpack has no involvement in the court-approved process for returning funds.<\/li>\n<\/ul>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cFTX expressly disclaims any responsibility for the accuracy or completeness of any information contained in Backpack\u2019s press release, on its website or in other communications,\u201d the exchange\u2019s representatives concluded.<\/p>\n<\/blockquote>\n<p>Backpack responded to FTX\u2019s release with an official <a href=\"https:\/\/www.prnewswire.com\/news-releases\/backpack-responds-to-ftx-statement-302346671.html?tc=eml_cleartime\">statement<\/a> clarifying several assertions. The company set out the following:<\/p>\n<ul class=\"wp-block-list\">\n<li>in February 2024 FTX agreed to sell various European assets, including FTX EU, to a group of former insiders;<\/li>\n<li>in March the bankruptcy court approved the deal, which closed in May;<\/li>\n<li>proceeds from the sale flowed into the FTX estate;<\/li>\n<li>Backpack subsequently bought the same European assets from their new owners;<\/li>\n<li>acquiring a licensed entity required approval from the Cyprus Securities and Exchange Commission. The regulator granted it in December.<\/li>\n<\/ul>\n<p>The company now awaits the transfer of FTX EU shares from the former owners; the entity will be renamed Backpack EU.<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">I have an enormous amount of appreciation for the FTX estate&#8217;s commitment to maximizing customer returns, but my concern is that FTX EU customers may become confused here. <\/p>\n<p>This is the series of events. All publicly verifiable. <\/p>\n<p>\u2014 FTX EU was sold to its original founders and\u2026<\/p>\n<p>\u2014 Armani Ferrante (@armaniferrante) <a href=\"https:\/\/twitter.com\/armaniferrante\/status\/1877202409212227872?ref_src=twsrc%5Etfw\">January 9, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Backpack CEO Armani Ferrante stressed that FTX bears no responsibility for reimbursing users of the European platform. That process will be overseen by his company.<\/p>\n<p>FTX\u2019s reorganisation plan <a href=\"https:\/\/forklog.com\/en\/news\/ftx-to-begin-creditor-payments-in-2025\">took effect<\/a> on January 3. Initial creditor distributions are due within 60 days of that date.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>FTX\u2019s liquidators called Backpack\u2019s statements about an alleged acquisition of FTX EU and the reimbursement of former customers \u201cmisleading\u201d. The FTX Debtors today provided clarification on certain statements by Backpack relating to Backpack\u2019s purported acquisition of FTX EU. Read more here: https:\/\/t.co\/WVwfNXBKRj \u2014 FTX (@FTX_Official) January 8, 2025 FTX said the company, founded by former [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1300,733,1236],"class_list":["post-20179","post","type-post","status-publish","format-standard","hentry","category-news-and-analysis","tag-bankruptcy","tag-europe","tag-ftx"],"aioseo_notices":[],"amp_enabled":true,"views":"15","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/20179","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=20179"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/20179\/revisions"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=20179"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=20179"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=20179"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}