Cryptocurrency alternate Backpack issued a press release addressing controversy surrounding its buy of FTX EU.
Questions in regards to the sale of FTX EU and who’s chargeable for buyer funds have sparked a response from Backpack Trade, 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 clients. 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 means of but. However Backpack says it purchased FTX EU from these insiders in a deal that was accredited by Cyprus regulators in December 2024.
Backpack clarified its function in a Jan. 9 press launch, confirming it can deal with the reimbursement of funds owed to former FTX EU clients. Within the press launch, the alternate defined that the FTX EU entity was first bought to former insiders in early 2024, a deal accredited by the FTX chapter court docket in March 2024 and accomplished in Might the identical yr.
Later, Backpack acquired these identical belongings, with the switch finalized in June 2024. CySec, the Cyprus Securities and Trade Fee, accredited the deal in December 2024 following a radical evaluate course of.
The alternate clarified that it’ll take full accountability for repaying former FTX EU clients, not the FTX property. “FTX EU can be renamed to Backpack EU and Backpack EU can be solely chargeable for redistributing former FTX EU buyer funds,” the corporate said. 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.
