FTX Breaks Silence on Backpack’s FTX EU Acquisition Claim

FTX has issued a ceremonial connection connected January 8, 2025, to clarify details surrounding Backpack entities’ assertion of acquiring FTX EU Ltd. This follows Backpack’s January 7 property release, which falsely suggested its engagement successful plus betterment for FTX EU’s erstwhile customers. 

FTX stressed that Backpack’s announcement was made without its cognition oregon support and contained respective misleading statements. In its clarification, FTX confirmed that 100% of FTX EU’s stock superior remains owned by FTX Europe AG, a subsidiary of FTX. 

Source: X

Despite a erstwhile colony statement to merchantability FTX EU, the U.S. Bankruptcy Court overseeing FTX’s Chapter 11 proceedings has not approved immoderate transfer. FTX further emphasized that Backpack has nary engagement successful the bankruptcy process oregon successful returning funds to FTX EU’s erstwhile customers.

The speech besides addressed concerns astir Backpack’s work for repaying EU customers. FTX made it wide that lone FTX EU is authorized to find and instrumentality funds owed to its customers. 

The court’s bankruptcy program does not licence immoderate distributions to creditors by Backpack. FTX besides updated stakeholders connected its bankruptcy plan, which became effectual connected January 3, 2025. 

Distributions to claimants are expected wrong 60 days, pending regulatory approval. FTX urged stakeholders to trust connected authoritative communications to debar confusion. These updates travel amidst media speculation astir imaginable ineligible moves concerning FTX laminitis Sam Bankman-Fried.

Also Read: Celsius Appeals Denial of $444 Million Claim successful FTX Case