Backpack Exchange, a centralized cryptocurrency platform, has countered claims by the FTX Recovery Trust regarding its acquisition of FTX EU. Backpack acquired FTX EU with regulatory approval from the Cyprus Securities and Exchange Commission in December 2024, following its sale to co-founders Patrick Gruhn and Robin Matzke for $32.7 million as part of a court settlement in February 2024. Backpack asserts that it purchased the same European assets from the co-founders in June 2024. However, the FTX estate maintains that the shares of FTX EU are still under FTX Europe AG's ownership and has not authorized Backpack to manage repayments to creditors. The uncertainty surrounding the repayment process has raised concerns among creditors about who will distribute funds back to them, as other firms like Kraken and Bitgo are also implicated in this situation. Backpack claims it will handle debtor funds and rebrand as Backpack EU, yet the legitimacy of this arrangement is being disputed by the FTX estate.

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