YEREVAN (CoinChapter.com) — Backpack Exchange claims it legally acquired FTX EU, while the FTX estate disputes this assertion. Backpack announced on Jan. 8 that it purchased FTX EU after gaining regulatory approval from the Cyprus Securities and Exchange Commission (CySEC) in December 2024.
FTX acquired FTX EU in 2021 for $323 million. After FTX collapsed in November 2022, bankruptcy proceedings included FTX EU. In February 2024, FTX EU’s original co-founders, Patrick Gruhn and Robin Matzke, purchased the subsidiary for $32.7 million. A court-approved settlement finalized the transfer in May 2024 to maximize creditor returns. Backpack acquired FTX EU assets from the co-founders in June 2024.
According to Backpack, the FTX estate is “obligated to transfer the shares as set out in the court-approved sales and purchase agreement.” Backpack plans to offer crypto derivatives, including perpetual futures, across the EU under its new European entity.
FTX Estate Rejects Backpack’s Claims
The FTX estate issued a statement on Jan. 8 disputing the ownership claims made by Backpack Exchange. It stated that FTX EU ownership remains with FTX Europe AG, a direct subsidiary of FTX.
The estate clarified that the share transfer to Patrick Gruhn and Robin Matzke had not been finalized.
“As of today, 100% of the share capital of FTX EU is held by FTX Europe AG,” the statement said. The estate also criticized Backpack’s press release, noting it was issued “without the knowledge or involvement of FTX.”
Creditor Repayments in Dispute
The repayment process for FTX EU creditors is another area of contention. Backpack Exchange stated it would manage repayments to former FTX EU customers and rebrand the entity as Backpack EU. Backpack CEO Armani Ferrante posted on X on Jan. 9,
“FTX estate is not responsible for any of the funds owed by FTX EU customers. This process will be entirely handled by Backpack EU.”
However, the FTX estate refuted this, asserting that Backpack lacks authorization to handle creditor repayments.
Creditors Raise Concerns Over Confusion
Creditors have voiced concerns about uncertainties surrounding the repayment process. Sunil Kavuri, an FTX creditor activist, said the private sale of FTX EU to Backpack has created confusion among FTX EU customers.
“The private sale of FTX EU to Backpack adds further confusion and nervousness among FTX EU customers about the repayment of their funds,”
Kavuri told.
Additionally, Kavuri highlighted that Kraken and Bitgo were previously authorized to distribute funds to FTX customers. This has led to questions among FTX EU customers about whether repayments will be handled by Backpack, Kraken, or Bitgo.
