The FTX affair continues to keep the crypto community in suspense. In particular, reference is made to the recent sale of the company's European subsidiary to Backpack. Which sparked a heated controversy in the crypto world. Today, Backpack claims to have received approval from the Cypriot regulator. For its part, FTX states that this sale was not authorized by the American bankruptcy court. So what is the end of the story?
FTX EU sale: Backpack in FTX’s crosshairs
Earlier this week, Backpack announced the acquisition of FTX EU. Better yet, the company claims to be able to repay the bankrupt crypto company's European creditors.
Reverse side of the situation: the American bankruptcy court quickly reacted by contesting the legitimacy of this transaction. According to FTX, this sale does not in fact not validated by the court. In other words, Backpack is not authorized to make any distribution of funds to creditors.
Founded by former employees of the fallen crypto company, Backpack claims for its part that the acquisition was validated by the Cypriot regulator CySEC in December 2024. The firm even assures that it wants to respect its commitments to former FTX EU clients in starting with reimbursements from February.
Crypto creditors still facing uncertainty
The American bankruptcy court emphasizes that only the crypto exchange FTX is authorized to manage the distribution of assets as part of the reorganization plan validated at the beginning of January 2025. In this sense, Backpack defends itself by asserting that:
- the sale was validated outside of American procedures,
- their goal is to provide a regulated cryptocurrency exchange platform in Europe.
The question therefore remains unanswered: will Backpack be able to honor its repayment promises or will the creditors still have to wait for a legal decision?
The future of FTX EU's creditors therefore remains uncertain in the face of this crypto legal battle. The court's final decision could well redefine the contours of transactions in the crypto world.
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