The ongoing dispute surrounding the acquisition of FTX EU by Backpack has taken a new turn as the FTX bankruptcy estate publicly rejects Backpack's claim, stating that it was unauthorized by the bankruptcy court.
Backpack asserts that it legally acquired FTX EU and intends to return funds to former customers, but the FTX estate maintains that any distribution of funds must follow the court-approved process.
Backpack's press release regarding the acquisition was issued without the knowledge or consent of FTX, further complicating the situation.
The FTX estate emphasizes that Backpack has no involvement in the official fund distribution process, which is under the jurisdiction of the U.S. Bankruptcy Court.
The dispute raises questions about the validity of Backpack's claims and the implications for former FTX EU customers awaiting the return of their funds.
The FTX bankruptcy court sanctioned the sale of FTX EU to Patrick Gruhn and Robin Matzke, who later sold it to Backpack.
Backpack claims that the transaction was legally executed and received approval from the Cyprus Securities and Exchange Commission (CySEC).
However, the FTX estate reiterates that Backpack does not have a role in the official fund distribution process.
Former FTX EU customers and creditors are still uncertain about the distribution of their funds.
The FTX estate's representatives clarify that there is no direct affiliation between the estate and Backpack, particularly concerning fund distributions.
While Backpack plans to return customer funds, the estate insists that any distribution must go through the established legal channels.
This dispute highlights the complexities and challenges in the cryptocurrency sector, emphasizing the need for clear legal frameworks and robust regulatory mechanisms.
The outcome of this dispute may set important precedents for future cases involving crypto exchanges and their obligations to customers and creditors.