EU Regulators Watch Closely as FTX Disputes Backpack's Claims on FTX EU Purchase
by aria-crypto.com
January 9, 2025 at 10:53
EU Regulators Watch Closely as FTX Disputes Backpack's Claims on FTX EU Purchase
Bankrupt cryptocurrency exchange FTX has refuted statements by Backpack about the acquisition of its European arm, FTX EU, clarifying that the deal has not received approval from the US Bankruptcy Court in Delaware. Despite Backpack's announcement on January 7, 2025, that the acquisition was part of a court-approved bankruptcy process, FTX dismissed the claim as “purported” and unauthorized. FTX maintains that it previously agreed to sell FTX EU to certain former insiders of FTX Europe under a court-overseen settlement, but was unaware that these insiders had transferred FTX EU to Backpack without proper notification to FTX or the court. FTX stressed that it retains exclusive rights over customer repayments and emphasized that Backpack has no authority to manage or distribute funds to creditors. Adding to the dispute, FTX also noted that Backpack's public statements could mislead customers and complicate ongoing bankruptcy proceedings, all while EU regulatory scrutiny over the misleading claims intensifies.
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