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The Coin Rise 2025-01-09 07:49:37

FTX Denies Approval of Backpack’s Acquisition of European Arm

Bankrupt cryptocurrency exchange FTX has publicly denied claims made by Backpack regarding the acquisition of its European subsidiary, FTX EU. In a statement on January 8, FTX clarified that the purported acquisition had neither been approved by the U.S. Bankruptcy Court for the District of Delaware nor involved FTX’s consent. Solana developer and Backpack founder Armani Ferrante, announced on January 7 that Backpack had acquired FTX EU as part of a court-sanctioned bankruptcy settlement. Ferrante claimed that his company would prioritize creditor repayments to FTX EU customers and could potentially begin distributions by February. However, FTX dismissed these claims as premature and unauthorized. Backpack’s Announcement Sparks Controversy According to FTX, the announcement by Backpack was made without its knowledge or approval. The bankrupt exchange emphasized that no agreement for the sale of FTX EU had been reached under the supervision of the bankruptcy court. Moreover, the transfer of FTX EU to the European exchange involved certain former insiders of FTX Europe, a move that FTX was reportedly not informed about in advance. “Backpack’s press release was issued without the involvement or consent of FTX,” the exchange stated, adding that it remains solely responsible for handling creditor repayments to former FTX customers. Backpack’s move to acquire FTX EU reportedly includes leveraging its Markets in Financial Instruments Directive and Regulation (MiFID) II License to expand its European operations. However, the acquisition’s legality and the exchange’s role in creditor repayments remain uncertain amid FTX’s bankruptcy restructuring. FTX Asserts Authority Over Creditor Repayments FTX explicitly noted that Backpack has not been authorized to manage or distribute funds owed to FTX creditors, reiterating that all repayments will be handled under FTX’s supervision. “Backpack has no authority to make distributions to any FTX customers or creditors,” FTX stated firmly. The bankruptcy court recently approved FTX’s reorganization plan , which took effect on January 3, setting the stage for creditor repayments to begin. While Backpack has touted its readiness to repay EU creditors, its financial capacity remains a concern. The exchange reportedly lost $14.5 million—88% of its operating funds—during FTX’s collapse in 2022 and has since operated with minimal funding. Founded in 2022, the company received $20 million in backing from FTX and Jump Crypto. Despite its past struggles, the exchange’s future role in managing FTX EU operations remains in question, as FTX continues to assert its authority over the bankruptcy process. The post FTX Denies Approval of Backpack’s Acquisition of European Arm appeared first on TheCoinrise.com .

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