Backpack Exchange, a centralized cryptocurrency platform, has responded to claims made by the FTX Recovery Trust disputing the legality of its acquisition of FTX EU.
On Jan. 8, Backpack said it had acquired FTX EU after obtaining regulatory approval from the Cyprus Securities and Exchange Commission (CySEC) in December 2024.
FTX EU, originally known as Digital Assets AG (DAAG), was acquired by FTX in 2021 for $323 million. Following FTX’s collapse in November 2022, the subsidiary became embroiled in the parent company’s bankruptcy proceedings.
In February 2024, FTX EU was sold back to DAAG co-founders Patrick Gruhn and Robin Matzke for $32.7 million as part of a court-approved settlement intended to maximize creditor returns. This transfer was completed in May 2024.
Backpack said it “purchased the same European assets” from the co-founders in June 2024.
“Following such approval, the FTX estate is obligated to transfer the shares as set out in the court-approved sales and purchase agreement,” Backpack said in a statement.
The company’s new European entity plans to offer crypto derivative services across the EU, including perpetual futures.
Related: FTX’s payment plan is now effective — When will users see their funds?
FTX estate disputes Backpack’s claims
The US-based FTX estate issued a statement on Jan. 8 disputing Backpack’s claims.
According to the estate, the shares of FTX EU remain under the ownership of FTX Europe AG, a subsidiary of FTX. The estate clarified that a previously announced transfer of shares to FTX EU’s co-founders, Patrick Gruhn and Robin Matzke, had not yet occurred.
“As of today, 100% of the share capital of FTX EU is held by FTX Europe AG, an FTX subsidiary,” the estate stated.
“The Backpack’s press release was issued without the knowledge or involvement of FTX,” the statement read.
Who pays creditors?
Another key point of contention between the FTX estate and Backpack Exchange is the responsibility for managing creditor repayments.
Backpack said it would handle the distribution of funds to FTX EU’s former customers and rebrand the entity as Backpack EU.
“Today, the FTX estate is not responsible for any of the funds (EUROs, to be specific) owed by FTX EU to former FTX EU customers. This process will be entirely handled by Backpack EU,” Backpack CEO Armani Ferrante posted on X on Jan. 9.
Source: Armani Ferrante
Still, the FTX estate disputes this claim, stating that Backpack has not been authorized to manage creditor repayments.
Related: Celsius to appealan order that disallowed its $444M claim against FTX
Creditors worry
Uncertainty over the repayment process is causing concern among creditors.
FTX creditor activist Sunil Kavuri told Cointelegraph that the private sale of FTX EU to Backpack has caused confusion among FTX EU customers about the repayment of their funds.
“The private sale of FTX EU to Backpack adds further confusion and nervousness among FTX EU customers and the repayment of their funds,” Kavuri said.
He also noted that Kraken and Bitgo had been authorized to distribute funds to FTX customers, compounding the uncertainty. “Some FTX EU customers signed up to these distributors, and they are confused about who will be distributing their funds back to them — Backpack, Kraken or Bitgo,” Kavuri added.
Cointelegraph reached out to FTX and Backpack for further comments but had not received a response by the time of publication.
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