FTX, the bankrupt crypto exchange, has announced that the acquisition of its European arm, FTX EU, by the exchange Backpack has not yet received approval from the bankruptcy court. FTX clarified on January 8 that Backpack has not been authorized to make any distributions to creditors of FTX. Backpack had previously stated on January 7 that it would assume responsibility for repaying creditors as part of the bankruptcy process. Backpack’s founder, Armani Ferrante, mentioned that the exchange would not operate in the EU until it could fulfill these repayment obligations, potentially by February. FTX clarified that it had only learned of the indirect transfer of FTX EU to Backpack this week. Furthermore, FTX emphasized that it retains sole responsibility for repaying former customers. The acquisition, which aims to expand Backpack's presence in Europe, was purportedly supported by former FTX insiders and is linked to a settlement agreement under bankruptcy court oversight. Effective creditor repayments were announced to begin following a reorganization on January 3. Customers must file official claims to be eligible for reimbursement within the next 60 days, focusing initially on those claiming $50,000 or less.

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