FTX says Backpack acquisition of EU arm has not been approved by court
FTX says that Backpack has not been authorized to return funds to creditors despite the Solana exchange saying it would take over creditor repayments from FTX.
Bankrupt crypto exchange FTX says the acquisition of its European arm FTX EU by crypto exchange Backpack has not been approved by the bankruptcy court, nor has Backpack been authorized to make distributions to FTX creditors.
Backpack announced that it had acquired FTX EU on Jan. 7, saying that it would take responsibility for creditor repayments to EU customers as part of the court-approved bankruptcy process.
Backpack founder Armani Ferrante said his exchange would not “serve a single trade in the EU” until it was capable of paying back FTX creditors, badding that it would be ready to do so by as early as February.
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Author: Tom Mitchelhill
