CDS Crypto News FTX Clarifies Misleading Claims of FTX EU Acquisition by Backpack Entities
Crypto News

FTX Clarifies Misleading Claims of FTX EU Acquisition by Backpack Entities

154
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.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.

Ftx Clarifies Misleading Claims Of Ftx Eu Acquisition By Backpack Entities
Written by
sevval

Şevval has been actively writing since 2022 and is a third-year mathematics student at Ankara University. Her interest in writing is shaped particularly around innovative technologies such as Web3, artificial intelligence, and blockchain. She closely follows developments in these fields and aims to convey complex topics to readers in a clear and engaging manner. She enjoys combining her mathematical knowledge with technology to create content and strives to raise awareness about the digital world of the future.

Leave a comment

Leave a Reply

Related Articles

BNB Price Gains Momentum as Binance Smart Chain Overtakes Solana in DEX Volume

BNB Price Gains Momentum as Binance Smart Chain Overtakes Solana in DEX...

Bitcoin Price Predictions: Can BTC Hit $126K by June?

Bitcoin's price remains cautiously stable around $80,000, with experts predicting a potential...

Cardano in the Red: Can ADA Break Through Resistance Amid Market Fear?

Cardano (ADA) struggles with resistance levels as Bitcoin declines; key support zones...

Treasury Secretary Bessent: Market Corrections Are Healthy, Signaling No Immediate Policy Intervention

U.S. Treasury Secretary Scott Bessent downplayed concerns over recent asset market declines,...