FTX has formally responded to Backpack’s claim of acquiring FTX EU Ltd., issued on January 7, 2025, stating that the announcement was made without its knowledge or consent. In a statement released on January 8, FTX outlined inaccuracies in Backpack’s press release and clarified that no such acquisition has taken place.
FTX EU Ownership Remains with FTX Europe AG
According to FTX, the 100% shareholding of FTX EU remains under the control of FTX Europe AG, a subsidiary of FTX. While there was an agreement in place to sell FTX EU as part of a settlement with former insiders, the U.S. Bankruptcy Court has not yet approved any transfer of ownership. FTX categorically denied any indirect sale of FTX EU shares to Backpack.
No Role for Backpack in Asset Recovery
FTX also emphasized that Backpack has no involvement in the ongoing bankruptcy proceedings, including the process for returning funds to creditors or FTX EU’s former customers. The company reiterated that only FTX EU is authorized to manage and distribute funds owed to its customers following its sale. Backpack is not responsible for the repayment process, as it has no role in the bankruptcy plan or asset recovery.
FTX further stated that the amounts owed to FTX EU’s customers would be assessed by FTX EU, in line with the court-approved bankruptcy procedures. The company urged stakeholders to rely solely on official communications from FTX to avoid confusion.
Bankruptcy Plan Update
The defunct exchange provided an update on its Chapter 11 bankruptcy proceedings, noting that the plan of reorganization became effective on January 3, 2025. Distributions to claimants in the convenience class are expected to occur within 60 days, pending regulatory approval.
FTX reaffirmed its commitment to ensuring the accuracy of all communications regarding the bankruptcy process and pledged to adhere to the court’s guidelines.
Speculation on Sam Bankman-Fried’s Pardon
These statements come amid growing speculation in the media regarding the potential for a presidential pardon for Sam Bankman-Fried, the founder of FTX. The recent pardon of President Joe Biden’s son has sparked rumors that Bankman-Fried could receive similar treatment. However, no official actions have been taken as of yet.
FTX concluded by reminding its stakeholders to stay informed through official channels, as rumors and inaccuracies continue to circulate.
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