FTX Clarifies Misleading Claims of FTX EU Acquisition by Backpack Entities

FTX Clarifies Backpack’s FTX EU Acquisition Claims

FTX Clarifies– FTX has issued an official statement on January 8, 2025, to clear up the confusion surrounding Backpack entities’ recent claim of acquiring FTX EU Ltd. The exchange refuted claims made in Backpack’s January 7 press release, which suggested that Backpack was involved in asset recovery efforts for former FTX EU customers.

Backpack’s FTX EU Acquisition: Inaccuracies Highlighted

In its statement, FTX clarified that Backpack’s January 7 announcement regarding the acquisition of FTX EU was made without FTX’s involvement or prior knowledge. According to FTX, the press release contained numerous inaccuracies that could mislead stakeholders about the ownership and status of FTX EU. FTX stated that 100% of the share capital of FTX EU is still owned by FTX Europe AG, a subsidiary of FTX. Though there had been an earlier agreement for the sale of FTX EU to former insiders of FTX Europe as part of a settlement, the U.S. Bankruptcy Court overseeing the Chapter 11 process has not approved any transfer of ownership.

FTX EU’s Asset Recovery and Bankruptcy Process

FTX also made it clear that Backpack has no role in the asset recovery process for FTX EU’s former customers. The U.S. Bankruptcy Court’s Chapter 11 plan does not authorize any distributions to creditors or former customers by Backpack. FTX EU remains solely responsible for assessing and returning any funds owed to its customers, following the completion of its sale.

The exchange further disclaimed any liability for Backpack’s involvement in the repayment process for FTX EU customers, urging stakeholders to rely on official FTX communications for accurate information.

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