Backpack’s Acquisition of FTX EU Sparks Dispute with FTX Bankruptcy Estate

Backpack’s recent announcement of acquiring FTX EU and taking responsibility for distributing court-approved FTX bankruptcy claims has drawn sharp criticism from the FTX bankruptcy estate. According to a statement released Wednesday, the estate denied prior knowledge of Backpack’s announcement and questioned the accuracy of several claims made by the crypto platform, founded by former FTX and Alameda Research employees.

The FTX estate clarified that the U.S. Bankruptcy Court for the District of Delaware had not authorized Backpack’s acquisition of FTX EU. It emphasized that FTX EU remains under the ownership of FTX Europe AG and that a planned transfer of shares to former FTX Europe insiders had yet to occur. While these insiders agreed to transfer FTX EU to Backpack, the estate claimed it was not informed of the deal in advance.

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