On January 9, 2025, Backpack Exchange, a centralized cryptocurrency platform, addressed allegations from the FTX Recovery Trust regarding its acquisition of FTX EU. Backpack claimed to have purchased FTX EU with regulatory approval from the Cyprus Securities and Exchange Commission (CySEC) in December 2024. This acquisition followed a tumultuous history, as FTX EU was sold back to its original co-founders for $32.7 million in February 2024 after FTX's collapse in November 2022.
Backpack stated it acquired the same European assets from the co-founders in June 2024, intending to offer crypto derivative services across the EU. However, the FTX estate issued a statement refuting Backpack's claims, asserting that FTX EU's shares are still owned by FTX Europe AG, a subsidiary of FTX. The estate emphasized that the transfer of shares to the co-founders has not been finalized.
Another contentious issue is the management of creditor repayments. Backpack announced it would oversee the distribution of funds to former FTX EU customers, while the FTX estate contested this, claiming Backpack lacks authorization for such management. This uncertainty has led to confusion among creditors, with concerns about which entity—Backpack, Kraken, or Bitgo—will handle their repayments.