Backpack announced it bought FTX EU, receiving regulatory and court approval. However, the FTX estate disputed this, citing lack of prior notification and court sanctioning. Backpack clarified that the transaction was authorized in February 2024, with regulatory approval from Cyprus given in December 2024. Completion will see FTX EU rebranded as Backpack EU.

The FTX estate expressed concern over Backpack’s claim, emphasizing lack of involvement and court approval. Backpack countered, asserting the complex sale process and need for clarity. They noted the sale was finalized in May, and asset transfer to Backpack was agreed upon. The focus is now on returning funds to customers once transfer is complete.