In a recent turn of events, FTX.com and the FTX Recovery Trust have taken a stand against misleading claims made by Backpack regarding the acquisition of FTX EU. These statements have not only confused stakeholders but have also raised serious questions about Backpack’s role in customer repayments. FTX has decided to clarify the real facts surrounding the ownership of FTX EU, the involvement of the court, and the genuine processes involved in customer repayment.
FTX Clarification on Backpack’s Claims
Back on January 7, 2025, Backpack released a press statement alleging that it had acquired FTX EU. However, FTX quickly refuted these claims, affirming that it still holds 100% of the share capital of FTX EU through its subsidiary, FTX Europe AG. This declaration by Backpack was made without FTX’s knowledge or consent. Although there was a previous agreement to transfer shares of FTX EU to former insiders of FTX Europe under a U.S. Bankruptcy Court settlement, the transfer has yet to be finalized.
FTX also raised concerns about the possibility of these former insiders indirectly transferring FTX EU to Backpack without notifying FTX or obtaining approval from the U.S. Bankruptcy Court. FTX emphasized its commitment to collaborating with all relevant parties to ensure the prompt return of customer funds in the EU, stating it as their top priority. They assured that announcements regarding the next steps for FTX EU claimants would be made soon.
Backpack’s Misleading Statements
Backpack, in its press release, claimed it would assist in returning funds to former FTX EU customers. However, FTX made it clear that Backpack lacks the authority to handle customer repayments. Any amounts owed to FTX EU customers will be determined exclusively by FTX EU upon the completion of its sale. FTX also clarified that Backpack is not responsible for any repayments related to FTX EU.
In light of these misleading statements, FTX has provided further clarification on Backpack’s alleged acquisition of FTX EU, reiterating that neither the U.S. Bankruptcy Court nor FTX has endorsed Backpack’s acquisition claims. Thus, Backpack lacks any official endorsement or approval.
Disclaiming Backpack’s Communications
FTX has distanced itself from Backpack’s press release and website, emphasizing that it has not reviewed or approved any information shared by Backpack. The company cautioned that Backpack’s statements could potentially confuse stakeholders regarding FTX EU and the U.S. bankruptcy process. Established in 2022 by Solana developer Armani Ferrante, Backpack claims that acquiring FTX EU will enhance its European presence through the MiFID II License.
Updates on FTX’s Recovery Efforts
As part of its Chapter 11 reorganization plan approved by the U.S. Bankruptcy Court, FTX is set to initiate initial distributions for customers with claims of $50,000 or less. This process will begin within 60 days of January 3, 2025, adhering to stringent know-your-customer and regulatory guidelines. FTX remains committed to transparency and efficiency in its efforts to return funds to its customers, ensuring that all actions comply with legal and regulatory standards.
