Many creditors & customers are now worried if their money can be repaid as promised as Backpack Exchange & FTX Estate are battling for the FTX EU Ownership.
Ownership Dispute: FTX EU’s Uncertain Future
Backpack Exchange claims to have legally acquired FTX EU after securing regulatory approval from the Cyprus Securities and Exchange Commission (CySEC) in December 2024. The company announced that it had purchased FTX EU’s European assets from Digital Assets AG (DAAG) co-founders Patrick Gruhn and Robin Matzke in June 2024.
However, the FTX estate disputes this claim, asserting that FTX EU remains under the ownership of FTX Europe AG, a subsidiary of the collapsed crypto giant. The estate stated on Jan. 8 that the transfer of shares to DAAG’s co-founders, initially agreed upon in a court-approved settlement, has not yet been completed. “As of today, 100% of the share capital of FTX EU is held by FTX Europe AG,” the estate declared, challenging Backpack’s press release.
Read more: FTX Payment Plan Takes Effect: What Users Can Expect in the Coming Months
Creditor Repayment Adds Complexity
Backpack Exchange has also claimed responsibility for managing creditor repayments, proposing to rebrand FTX EU as Backpack EU and handle the distribution of funds to its customers waiting for repayments. In contrast, the FTX estate firmly denies authorizing Backpack to oversee this process.
Activist Sunil Kavuri highlighted the growing unease among FTX EU customers, many of whom are uncertain whether their funds will be distributed by Backpack, Kraken, or Bitgo — two previously authorized distributors. This uncertainty only compounds the anxiety of those awaiting their funds.
Conclusion
The ongoing dispute has created an atmosphere of uncertainty for stakeholders and customers for future repayments. As both parties defend their claims, creditors remain caught in the middle, awaiting clarity on the repayment process and the entity’s future.
