The FTX chapter property has disputed the just lately introduced sale of FTX EU to Backpack, the cryptocurrency trade and pockets agency based by former FTX and Alameda workers.
The FTX property mentioned Backpack “has no involvement in any respect within the U.S. Chapter Court docket-approved course of for returning funds to any FTX prospects and different collectors,” and {that a} press launch concerning the sale from Backpack on Monday was issued with out the information or involvement of FTX.
Backpack had introduced plans to pay again FTX EU collectors, in addition to setting out the way it plans to function a regulated crypto derivatives service utilizing the licenses acquired within the sale.
“Backpack has not been licensed by FTX to make any distributions to any FTX prospects or different collectors, together with any former FTX EU prospects,” the FTX chapter property mentioned in its assertion.
In March of 2024, the FTX chapter courtroom authorised the sale of FTX EU to Patrick Gruhn and Robin Matzke, the co-founders of Digital Property, a agency acquired by Sam Bankman Fried in 2021; Gruhn and Matzke stayed on to guide FTX’s enlargement into Europe.
In an try to make clear the state of affairs, Backpack mentioned it purchased FTX EU from Gruhn and Matzke, a transaction that has additionally been accomplished and mirrored on official public data since June 2024, and which has been authorised by CySec, the Cyprus monetary regulator.
“As a licensed entity, the switch of the FTX EU entity was topic to regulatory approval by CySec. In December 2024, CySec authorised Backpack’s buy following a prolonged diligence course of. Following such approval, the FTX property is obligated to switch the shares as set out within the court-approved gross sales and buy settlement. We stay up for the completion of the switch in order that, just like the FTX chapter property, we will start to return buyer funds to former FTX EU prospects,” Backpack mentioned in an announcement issued on Thursday.
FTX EU will probably be renamed to Backpack EU and Backpack EU will probably be solely accountable for redistributing former FTX EU buyer funds, Backpack mentioned.
Former FTX EU boss Patrick Gruhn mentioned that in Might of final yr he initiated a change of management continuing for the FTX EU Ltd. subsidiary with CySEC, which is required to switch the shares of the regulated Funding Agency.
“On this very complicated Chapter continuing I assume FTX wished to clarify that FTX has no direct relationship with Backpack and won’t distribute funds from the U.S. chapter property. Nevertheless, FTX EU will probably be renamed to Backpack EU and can after all distribute the previous FTX EU funds to the purchasers,” Gruhn mentioned through e mail.
