Backpack Exchange has issued a statement addressing confusion surrounding its acquisition of FTX EU, following conflicting claims from the FTX estate and growing concerns about customer fund responsibility.
The FTX estate recently claimed that “100% of the share capital of FTX EU is held by FTX Europe AG, which is an FTX subsidiary.” It emphasized that the transfer of shares to former insiders Patrick Gruhn and Robin Matzke had not been finalized. In response, Backpack argued that it had acquired FTX EU from Gruhn and Matzke in a deal approved by the Cyprus Securities and Exchange Commission (CySec) in December 2024.
According to Backpack, the FTX EU entity was initially sold to Gruhn and Matzke in early 2024, following approval from the FTX bankruptcy court in March. This transaction was completed in May 2024. Subsequently, Backpack acquired the same entity, finalizing the transfer in June 2024 after CySec conducted a thorough review and granted approval.
The exchange confirmed that it will fully reimburse former FTX EU customers, stating that the FTX estate holds no liability. Additionally, they announced that FTX EU will be rebranded as Backpack EU, overseeing the redistribution of customer funds.
As part of its expansion strategy, Backpack revealed plans to launch its European platform, Backpack EU, in the first quarter of 2025. The platform aims to offer a comprehensive range of crypto derivatives, including perpetual futures, across the European Union.
Notably, Backpack has recently strengthened its leadership team by appointing Laurence King as the new head of audit. With nearly 30 years of experience at top financial institutions, King is a banking veteran who has been brought on to enhance the platform’s commitment to transparency and audit integrity. King has significant experience at Citibank, Morgan Stanley, Deutsche Bank, and JP Morgan Chase. His managing audits and regulatory compliance skills are expected to enhance Backpack’s operations and governance.
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