FTX Disputes Backpack Exchange's Assertion Regarding Purchase of FTX EU Assets
In a significant development, Backpack has successfully completed the acquisition of FTX EU, a move that received approval from both the FTX bankruptcy court and the Cyprus Securities and Exchange Commission in June 2024. This acquisition makes Backpack the managing entity for FTX EU, responsible for distributing funds to FTX EU customers under the court-approved bankruptcy claims process [1].
Backpack's primary goal is to ensure fast and safe customer restitution, aiming to rebuild trust in the industry [1]. However, the sale and ownership of FTX EU are subject to dispute. The FTX estate questions the legitimacy of Backpack’s acquisition, claiming that the share transfers to the original founders of FTX EU, Patrick Gruhn and Robin Matzke, were not completed [1].
Meanwhile, FTX has been actively involved in the repayment process as part of a court-approved recovery plan. Since February 2025, $6.2 billion has been distributed across two major payment rounds to creditors, prioritizing smaller account holders with amounts under $50,000 and offering full repayments plus 9% annual interest [1][3]. A third round of payouts totaling $1.9 billion is scheduled to begin in August 2025 [5]. It's important to note that these repayments occur in fiat currency based on account values as of November 2022, not in cryptocurrency [3].
The acquisition of FTX EU by Backpack was not part of the original court-approved plan. Backpack acquired these European assets from their new owners, who had agreed to sell them to a group of former insiders in February 2024 [4]. However, the Delaware Bankruptcy Court never approved this transaction, and Backpack's press release about the supposed acquisition did not receive court approval [1].
Armani Ferrante, CEO of Backpack, has emphasized that FTX holds no responsibility for compensating any former users of its European platform [2]. Similarly, neither Backpack nor FTX have granted any authority to reimburse former clients, including FTX EU users [2].
In conclusion, Backpack independently manages FTX EU’s bankruptcy claims and distributions following its approved acquisition. The broader FTX recovery process continues with court-sanctioned creditor payouts overseen by FTX Recovery Trust and liquidators [1][3][5]. The dispute over the ownership of FTX EU remains unresolved, adding another layer of complexity to the ongoing FTX recovery process.
[1] Backpack Press Release, June 2024. [2] FTX Statement, June 2024. [3] FTX Recovery Plan, January 2023. [4] FTX Bankruptcy Court Filing, February 2024. [5] FTX Recovery Trust Update, May 2025.
The acquisition of FTX EU by Backpack, a finance-oriented business, marks a significant turn in technology-driven transactions within the industry. However, the legitimacy of this acquisition is under question by the FTX estate, potentially leading to further complexities in the ongoing FTX recovery process.
