Backpack Exchange has claimed ownership of FTX EU, a subsidiary of the collapsed cryptocurrency exchange FTX, after receiving regulatory approval from the Cyprus Securities and Exchange Commission (CySEC) in December 2024.

The FTX estate has rejected Backpack's claims and stated that ownership of FTX EU remains with FTX Europe AG.

The dispute raises questions about the legitimacy of Backpack's acquisition and the future of FTX EU.

The issue of creditor repayments is also contentious, with Backpack stating its intention to manage repayments to former FTX EU customers, while the FTX estate refutes Backpack's claims and expresses concerns about the authorization to manage these funds.

This confusion has left FTX EU customers uncertain about the handling of their funds and has complicated the process of creditor repayments.

Resolving these issues will be crucial for restoring confidence among creditors and customers.