In simpler terms, the cryptocurrency trading platform called Backpack spoke out about the uproar concerning their acquisition of FTX Europe.
As a researcher delving into the matter, I’ve noticed a stir in the crypto sphere regarding the sale of FTX EU and the accountability surrounding customer funds, following somewhat perplexing statements from the FTX estate. In response to this, Backpack Exchange has offered clarification on the subject.
It appears there’s confusion about the ownership of FTX EU and who is responsible for reimbursing customers. The FTX estate claims that 100% of FTX EU shares are owned by FTX Europe AG, a subsidiary of FTX, and that the transfer of these shares to Patrick Gruhn, Robin Matzke, and others has not been completed yet. However, Backpack contends it purchased FTX EU from Gruhn and Matzke in a transaction approved by Cypriot regulators in December 2024.
In its press statement dated January 9th, Backpack clarified its position regarding the repayment of funds to previous FTX EU customers. The announcement detailed that the sale of the FTX EU entity to former insiders was finalized in early 2024, a transaction approved by the FTX bankruptcy court in March 2024 and concluded in May of the same year.
In June 2024, it was confirmed that Backpack had taken over these identical assets from the original owner. This transfer was officially endorsed by CySec, the Cyprus Securities and Exchange Commission, after a comprehensive review in December 2024.
It was made clear that FTX EU, now renamed to Backpack EU, will take on the duty of repaying funds owed to its former customers, rather than the FTX estate. The company declared this in a statement, stating that Backpack EU will be accountable for distributing the funds that belonged to previous FTX EU clients. Backpack EU is set to debut its European platform in Q1, which they’ve nicknamed Backpack EU. This new platform will provide a comprehensive range of crypto derivatives, including perpetual futures contracts, across the E.U.
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2025-01-09 10:03