BACKPACK EXCHANGE AND FTX CLASH OVER FTX EU OWNERSHIP

The digital asset landscape is currently witnessing a significant power struggle as Backpack Exchange and the FTX estate lock horns over the ownership of FTX EU. Backpack plans to rebrand FTX EU and handle fund distributions independently. Concern about and disputes regarding the sale of now-defunct FTX exchange s European arm FTX EU to Backpack Exchange. Which is a cryptocurrency trading and wallet company. Backpack had amassed drinking curls based on the purported acquisition of FTX EU by $32.7 million.This European arm of the now-defunct FTX exchange has become a major point of contention, igniting a fierce debate about asset transfers, regulatory approvals, and ultimately, the repayment of funds to creditors. O ativista dos credores da FTX, Sunil Kavuri, disse ao Cointelegraph que a venda privada da FTX EU para a Backpack gerou confus o entre os clientes da FTX EU sobre o reembolso de seus fundos. A venda privada da FTX EU para a Backpack aumenta ainda mais a confus o e a inquieta o entre os clientes da FTX EU em rela o ao reembolso deThe heart of the dispute lies in Backpack Exchange's claim that it legally acquired FTX EU in December 2025 after securing approval from the Cyprus Securities and Exchange Commission (CySEC).However, the FTX estate vehemently disputes this assertion, arguing that the sale was unauthorized and lacked the necessary approval from the U.S.Bankruptcy Court. 2025年に期待できる4つのミームコイン！ChatGPTが1月に選ぶ注目プロジェクトとは？This clash has not only created confusion among former FTX EU users but has also raised serious questions about the legitimacy of Backpack's actions and the future of the European entity.The legal wrangling promises to be complex, with potentially far-reaching consequences for both companies and the broader cryptocurrency market, as many investors and creditors are now wondering about the legitimacy of this deal and, most importantly, the status of their funds.

The Genesis of the Dispute: Backpack's Acquisition Claim

On January 8th, Backpack Exchange made a bold announcement: it had successfully acquired FTX EU. Backpack Exchange, a centralized cryptocurrency platform, has countered claims by the FTX Recovery Trust regarding its acquisition of FTX EU. Backpack acquired FTX EU with regulatory approval from the Cyprus Securities and Exchange Commission in December 2025, following its sale to co-founders Patrick Gruhn and Robin Matzke for $32.7This announcement was underpinned by Backpack's claim that it had obtained regulatory approval from CySEC in December 2025, seemingly clearing the path for the acquisition. Backpack Exchange and FTX estate are at odds over who owns FTX EU. It's a battle for control in the crypto world.Backpack further stated its intention to rebrand FTX EU and independently manage the distribution of funds to former users, a move designed to restore confidence and provide much-needed relief.This sparked hope among those affected by the FTX collapse, as the promise of fund recovery offered a glimmer of light in what had been a dark chapter.

Backpack even went as far as to inform former FTX EU clients of the steps they needed to follow to withdraw their funds.This communication, sent from a legitimate Backpack EU address, aimed to provide clarity and guidance during the transition. The ownership dispute over FTX EU has ignited tensions between Backpack Exchange and the FTX estate, raising questions about asset transfers and creditor payments. This controversy follows Backpack's recent assertion that it is the legitimate owner of FTX EU, a claim publicly challenged by the FTXHowever, the situation quickly became murkier as FTX entered the fray.

FTX's Counterclaim: Unauthorized Transfer

The FTX estate swiftly challenged Backpack's acquisition claim, throwing the entire deal into doubt. The acquisition of FTX EU has been mired in controversy over ownership and regulatory approval. Backpack Exchange, a Germany-based crypto platform, announced Monday that former FTX EU users can now withdraw funds, marking the final phase of its repayment initiative.FTX argued that the transfer of FTX EU to Backpack was unauthorized, as it lacked the necessary notification and approval from both FTX itself and the U.S. The ownership of FTX EU has become a point of contention between Backpack Exchange and the FTX estate. Continue reading Backpack Exchange and FTX clash over FTX EU ownership The post BackpackBankruptcy Court overseeing the FTX bankruptcy proceedings.This is a critical point, as any transfer of assets from a bankrupt entity typically requires court oversight to ensure fairness and protect the interests of creditors.

FTX emphasized that neither the company nor the court had approved Backpack's claim, effectively stripping Backpack of any official authority over FTX EU. Exchange Wallet. Report Issue or Bug. Legal. Powered by GitBook @ 2025 Backpack Exchange @ 2025 Backpack ExchangeThis created a direct conflict between the two entities, with each claiming legitimate ownership of the European exchange. FTX EU의 소유권이 Backpack Exchange와 FTX 재산 간의 논쟁 지점이 되었습니다. 뉴스 중앙화된 암호화폐 플랫폼인 Backpack Exchange는 FTX EU 인수의 합법성에 대해 FTX 회복 신탁이 제기한 주장에 대응했습니다. 1월 8일, Backpack은 2025년 12월The FTX estate further stated that the share transfer to Patrick Gruhn and Robin Matzke, the co-founders, hadn't materialized yet, solidifying FTX Europe AG's, a subsidiary of FTX, hold on 100% of FTX EU's capital stock.

Regulatory Scrutiny and CySEC's Role

A central point of contention revolves around the alleged approval from CySEC.Backpack insists that the regulatory body in Cyprus greenlit the acquisition, lending credence to their claim.However, FTX has cast doubt on the validity and scope of this approval, raising questions about the due diligence conducted and the information presented to CySEC.

The specific details of CySEC's approval remain somewhat unclear, leaving room for interpretation and further investigation.It is crucial to understand the precise conditions and limitations attached to the approval to determine its impact on the ownership dispute.This regulatory aspect adds another layer of complexity to the already tangled web of claims and counterclaims. Bulls Charge Fast on the Best New Meme Coins to Join This Month as BTFD s 100% Bonus Nears End While Sudeng and Dogs Stay Hot!What powers does CySEC have in this situation?

The Impact on Former FTX EU Users

The most immediate consequence of this ownership battle is the uncertainty faced by former FTX EU users.These individuals, already stung by the collapse of FTX, are now caught in the middle of a legal tug-of-war.The confusion surrounding the rightful owner of FTX EU has created significant anxiety about the prospects of recovering their funds.FTX creditor activist Sunil Kavuri also noted that the private sale to Backpack made things even more confusing for FTX EU clients seeking reimbursement.

The conflicting messages from Backpack and FTX have left users unsure of who to trust and where to turn for accurate information.The promise of fund withdrawals offered by Backpack has been tempered by FTX's denial of the acquisition, leaving many in a state of limbo.The primary questions from these users are:

• Who do I contact to get my funds back?
• Is my money safe?
• What are the next steps?

Backpack's Response and Defense

Backpack Exchange has vehemently defended its acquisition of FTX EU, issuing detailed statements to address the concerns raised by the FTX Recovery Trust. El patrimonio aclar que a n no se hab a producido la transferencia de acciones a los cofundadores de FTX EU, Patrick Gruhn y Robin Matzke, anunciada anteriormente. A fecha de hoy, el 100% del capital social de FTX EU est en manos de FTX Europe AG, una filial de FTX, declar la sucesi n.Backpack maintains that the purchase was finalized in 2025 with CySEC's approval, emphasizing its commitment to resolving the situation and ensuring that former FTX EU users receive their due funds.

Backpack's strategy appears to be centered around highlighting the regulatory approval obtained in Cyprus and portraying itself as a responsible and reliable entity committed to restoring confidence in the market.They argue that their acquisition is a positive step towards resolving the issues stemming from the FTX collapse and providing much-needed relief to affected users.

Potential Legal Battles and Bankruptcy Proceedings

The dispute between Backpack Exchange and the FTX estate is likely to escalate into a protracted legal battle.The outcome of this battle will hinge on several factors, including the interpretation of contracts, the validity of regulatory approvals, and the rulings of the U.S.Bankruptcy Court.

The bankruptcy proceedings related to FTX will play a crucial role in determining the fate of FTX EU.The court will need to assess the legitimacy of Backpack's acquisition claim and weigh it against the interests of FTX's creditors.This process could involve extensive discovery, expert testimony, and complex legal arguments.This could also include the scrutiny of $32.7 million paid for the purchase of FTX EU by Backpack. SEC sues Nova Labs over alleged unregistered crypto securities offeringsExpect a long and potentially expensive fight.

The Wider Implications for the Crypto Industry

The Backpack Exchange and FTX clash has implications that extend far beyond the immediate parties involved. Bhutan City to Build Strategic Cryptocurrency Reserve Including Bitcoin and EthereumThe dispute raises fundamental questions about the governance, regulation, and oversight of crypto assets. If you received an email from please note that this is a legitimate Backpack EU address used to inform FTX EU clients of the steps to follow. However, replies to this email are not monitored for any questions, please contact .The case will also be another event that regulators around the world will be monitoring for setting precedents.

The industry is still relatively young, and the collapse of FTX exposed several vulnerabilities in its infrastructure and regulatory framework. Bitget推出BGBTC Season 1 ，赚取BGPoints解锁BTCFi项目空投奖励The ownership dispute over FTX EU underscores the need for greater clarity and transparency in the acquisition and transfer of crypto assets.Some potential consequences include:

• Increased regulatory scrutiny of crypto exchanges and asset transfers.
• Greater emphasis on due diligence and compliance requirements.
• Heightened awareness of the risks associated with investing in crypto assets.

Analyzing the Key Arguments from Both Sides

Backpack Exchange's Position

Backpack's argument rests primarily on the following pillars:

1. Valid Acquisition: They claim to have legally acquired FTX EU through a formal sale.
2. Regulatory Approval: They assert that CySEC approved the acquisition, validating their ownership.
3. User Focus: They highlight their commitment to refunding former FTX EU users and restoring confidence.

FTX Estate's Position

The FTX estate counters with the following arguments:

1. Unauthorized Transfer: They claim that the acquisition wasn't authorized by FTX or the Bankruptcy Court.
2. Lack of Approval: They state neither FTX nor the Court has approved the deal.
3. Share Transfer Failure: FTX indicates the transfer of share was never initiated.

What Does the Future Hold for FTX EU?

The ultimate fate of FTX EU remains uncertain, pending the outcome of legal proceedings and regulatory decisions. FTX expressed concerns that if former insiders had transferred FTX EU to Backpack without notifying FTX or the U.S. Bankruptcy Court, it would be unauthorized. FTX emphasized that neither it nor the court has approved Backpack s acquisition claim, leaving Backpack without any official authority.Several potential scenarios could unfold:

• Backpack Secures Ownership: If Backpack prevails in court, it could proceed with its plans to rebrand FTX EU and manage fund distributions.
• FTX Regains Control: If FTX wins the legal battle, it could seek to liquidate FTX EU or find a new buyer.
• Negotiated Settlement: Backpack and FTX could reach a negotiated settlement that resolves the ownership dispute and ensures the repayment of funds to users.

The best-case scenario for former FTX EU users would be a swift and amicable resolution that prioritizes the recovery of their assets.However, given the complexity of the situation, a lengthy and contentious legal battle seems more likely.

Practical Advice for Affected FTX EU Users

Given the ongoing uncertainty, here's some practical advice for former FTX EU users:

• Stay Informed: Follow the latest developments in the legal proceedings and regulatory decisions.
• Document Everything: Keep records of all transactions, communications, and account balances related to FTX EU.
• Seek Legal Advice: Consult with an attorney to understand your legal rights and options.
• Be Patient: The recovery process could take a significant amount of time.

The Role of Due Diligence in Crypto Acquisitions

The Backpack Exchange and FTX clash highlights the critical importance of due diligence in crypto acquisitions.Before acquiring a company or asset in the crypto space, it is essential to conduct thorough research and analysis to assess the risks and potential liabilities involved.

This includes:

• Reviewing financial statements and legal documents.
• Assessing regulatory compliance and licensing requirements.
• Investigating the target's reputation and track record.
• Seeking expert advice from legal and financial professionals.

Failure to conduct proper due diligence can lead to costly mistakes and legal battles, as demonstrated by the current situation involving FTX EU.

Conclusion: Navigating the Complexities of Crypto Ownership

The ongoing clash between Backpack Exchange and FTX over FTX EU ownership serves as a stark reminder of the complexities and challenges inherent in the cryptocurrency industry.This intricate legal battle underscores the critical need for regulatory clarity, diligent oversight, and robust governance frameworks.For former FTX EU users, the situation remains fraught with uncertainty, emphasizing the importance of staying informed, documenting all relevant information, and seeking professional legal counsel.As the legal proceedings unfold, the outcome will not only determine the fate of FTX EU but also set a precedent for future acquisitions and asset transfers within the crypto space.The key takeaways include: the critical importance of regulatory approval, the complexities of bankruptcy proceedings, and the need for comprehensive due diligence in crypto acquisitions. Ripple's Big Move: RLUSD Joins AMM Pools, Gains Major TractionOnly time will tell how this saga will resolve, but it serves as a crucial lesson for all involved in the dynamic world of digital assets.It is critical for all investors to remain vigilant, and always do your own research (DYOR) before investing in cryptocurrencies.