FTX has responded to recent claims made by Backpack regarding the acquisition of FTX EU Ltd. In a formal statement released on January 8, 2025, FTX denied any knowledge or approval of Backpack’s announcement, which was issued on January 7. The press release from Backpack inaccurately suggested the entity’s involvement in asset recovery for former FTX EU customers.
FTX firmly clarified that Backpack’s claim was not authorized and contained several misleading assertions. The company confirmed that FTX Europe AG, a subsidiary of FTX, still holds 100% of the shares in FTX EU, dismissing Backpack’s alleged acquisition.
Although there was a previous settlement agreement regarding the potential sale of FTX EU, the U.S. Bankruptcy Court overseeing FTX’s Chapter 11 proceedings has not approved any transfer of ownership. Furthermore, FTX stated that Backpack has no role in the bankruptcy process nor in the repayment of funds to FTX EU’s former customers.
Addressing the issue of customer repayments, FTX emphasized that only FTX EU has the authority to assess and return funds owed to its customers. The court’s bankruptcy plan, which went into effect on January 3, 2025, prohibits Backpack from making any distributions to creditors.
FTX also reassured stakeholders that its bankruptcy plan is moving forward, with distributions to claimants expected within 60 days, pending regulatory approval. The company urged all parties to refer only to official communications for accurate information, amidst growing media speculation surrounding potential legal developments related to FTX founder Sam Bankman-Fried.
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