Close Menu
Cryprovideos
    What's Hot

    Cryptocurrency kidnappings: alleged mastermind arrested in Morocco

    June 4, 2025

    Ethereum Consolidates In opposition to BTC – Altseason Hopes Hinge On ETH/BTC Breakout

    June 4, 2025

    Solely 320 Billion Shiba Inu Transacted in 24 Hours; Elon Musk Brings up Bitcoin 1st Time in 3 Years; 10,710,000,000 in DOGE as Open Curiosity Returns to Peak Ranges: Crypto Information Digest by U.As we speak

    June 4, 2025
    Facebook X (Twitter) Instagram
    Cryprovideos
    • Home
    • Crypto News
    • Bitcoin
    • Altcoins
    • Markets
    Cryprovideos
    Home»Crypto News»FTX and Backpack dispute sale of European arm to former insiders' crypto platform
    FTX and Backpack dispute sale of European arm to former insiders' crypto platform
    Crypto News

    FTX and Backpack dispute sale of European arm to former insiders' crypto platform

    By Crypto EditorJanuary 9, 2025No Comments3 Mins Read
    Share
    Facebook Twitter LinkedIn Pinterest Email



    FTX and Backpack dispute sale of European arm to former insiders' crypto platform

    The bankrupt FTX alternate has challenged the introduced sale of its European subsidiary, FTX EU, to Backpack, a crypto platform based by former FTX staff.

    In a Jan. 8 assertion, FTX clarified that its subsidiary FTX Europe AG wholly owns FTX EU. The corporate said that the anticipated switch of FTX EU shares to former insiders of FTX Europe has not occurred as beforehand disclosed.

    FTX additionally clarified that the USA Chapter Court docket for the District of Delaware didn’t approve Backpack’s acquisition of FTX EU.

    Earlier agreements beneath the courtroom’s supervision allowed the FTX Debtors to promote FTX EU to former FTX Europe insiders as a part of a settlement.

    Nevertheless, the bankrupt alternate claimed that these insiders organized an oblique switch of FTX EU to Backpack with out the corporate’s or the courtroom’s prior data.

    FTX EU asset restoration

    FTX additional distanced itself from any connection between Backpack and the continuing asset restoration course of for its international collectors.

    In response to FTX, Backpack wouldn’t return funds to prospects or collectors beneath the US Chapter Court docket’s jurisdiction. As a substitute, FTX EU is independently liable for addressing any liabilities owed to its former prospects.

    The assertion highlighted that the agency would deal with buyer claims associated to FTX EU completely after the subsidiary’s sale was finalized. The bankrupt alternate burdened that it bears no duty for settling such claims or managing buyer funds held by FTX EU.

    Moreover, FTX disclaimed any affiliation with Backpack’s latest communications, together with its web site and press releases about asset restoration. The corporate burdened that it has not reviewed or authorised any info disseminated by Backpack.

    Backpack’s stance

    In response, Backpack maintained that the acquisition of FTX EU was official and accomplished in compliance with regulatory tips.

    Backpack’s CEO Armani Ferrante said that the transaction concerned FTX EU’s founders and was cleared by the Cyprus Securities and Alternate Fee after a year-long overview course of. Ferrante emphasised that the acquisition didn’t contain the chapter property.

    In response to him:

    “FTX EU was bought to its authentic founders and authorised by the chapter courtroom, free and clear.  Backpack purchased the corporate not from the property, however from the FTX EU founders.”

    Ferrante reiterated that FTX EU’s obligations to its former prospects are actually solely managed by Backpack.

    He additionally confirmed that his alternate will not be concerned in FTX’s ongoing chapter proceedings and won’t deal with fund distributions for worldwide FTX prospects.

    Talked about on this article



    Supply hyperlink

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

    Related Posts

    Solely 320 Billion Shiba Inu Transacted in 24 Hours; Elon Musk Brings up Bitcoin 1st Time in 3 Years; 10,710,000,000 in DOGE as Open Curiosity Returns to Peak Ranges: Crypto Information Digest by U.As we speak

    June 4, 2025

    $400,000,000 Coinbase Hack Linked to India-Primarily based Worker Caught Taking Images of Pc Display: Report – The Every day Hodl

    June 4, 2025

    XRP Ledger battles inflow of rip-off crypto tasks as Ripple eyes world monetary position

    June 4, 2025

    Crypto Funds Agency MoonPay Secures New York BitLicense – Decrypt

    June 4, 2025
    Latest Posts

    Ethereum Consolidates In opposition to BTC – Altseason Hopes Hinge On ETH/BTC Breakout

    June 4, 2025

    Solely 320 Billion Shiba Inu Transacted in 24 Hours; Elon Musk Brings up Bitcoin 1st Time in 3 Years; 10,710,000,000 in DOGE as Open Curiosity Returns to Peak Ranges: Crypto Information Digest by U.As we speak

    June 4, 2025

    Semler Scientific Acquires 185 Bitcoin, Growing Complete Holdings To 4,449 BTC

    June 4, 2025

    Worth predictions 6/4: BTC, ETH, XRP, BNB, SOL, DOGE, ADA, SUI, HYPE, LINK

    June 4, 2025

    Armstrong, Musk Slam U.S. Debt, Warn of Bitcoin Shift – Bitbo

    June 4, 2025

    Reality Social Seeks to Launch Spot Bitcoin ETF through NYSE Arca

    June 4, 2025

    An settlement in South Korea: new treasurer for Bitcoin

    June 4, 2025

    Shockingly Bullish Bitcoin Value Prediction Made by Legendary Enterprise Capitalist

    June 4, 2025

    CryptoVideos.net is your premier destination for all things cryptocurrency. Our platform provides the latest updates in crypto news, expert price analysis, and valuable insights from top crypto influencers to keep you informed and ahead in the fast-paced world of digital assets. Whether you’re an experienced trader, investor, or just starting in the crypto space, our comprehensive collection of videos and articles covers trending topics, market forecasts, blockchain technology, and more. We aim to simplify complex market movements and provide a trustworthy, user-friendly resource for anyone looking to deepen their understanding of the crypto industry. Stay tuned to CryptoVideos.net to make informed decisions and keep up with emerging trends in the world of cryptocurrency.

    Top Insights

    Crypto Replace | How the SEC Needs Bitcoin ETF Redemptions to Work

    February 8, 2025

    Crypto Dad Giancarlo Denies SEC Job Rumors: 'I’ve Already Cleaned Up Gensler Mess' – Decrypt

    November 15, 2024

    New crypto VC Sigma Capital targets $100 million fund, with $40 million pre-committed

    January 14, 2025

    Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    • Home
    • Privacy Policy
    • Contact us
    © 2025 CryptoVideos. Designed by MAXBIT.

    Type above and press Enter to search. Press Esc to cancel.