#Backpack's acquisition of FTX EU has not been approved.#
Hot Topic Overview
Overview
FTX has announced that the sale of its European subsidiary, FTX EU, to Backpack has not yet been approved by the bankruptcy court, and Backpack is not authorized to distribute funds to FTX creditors. Backpack has responded that the transaction was approved by the FTX bankruptcy court and has been completed, and that it has paid funds to the FTX bankruptcy estate in accordance with the purchase terms. Currently, there is a dispute between the two parties regarding the completion of the transaction, and the court has not yet made a final ruling.
Ace Hot Topic Analysis
Analysis
FTX has announced that the sale of its European subsidiary, FTX EU, to Backpack has not yet been approved by the bankruptcy court, and Backpack is not authorized to distribute funds to FTX creditors. Backpack responded that the transaction was approved by the FTX bankruptcy court in March 2024 and completed in May 2024, and that it has paid funds to the FTX bankruptcy estate in accordance with the purchase terms. Currently, there is a dispute between the two parties regarding the completion of the acquisition transaction. FTX insists that the acquisition has not been approved, while Backpack claims that the transaction has been completed. This has raised concerns among outsiders about the distribution of funds to FTX creditors and the true purpose of Backpack's acquisition of FTX EU.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Backpack's acquisition of FTX EU has not yet been approved by the bankruptcy court.
Backpack has not been authorized by FTX to distribute funds to any FTX customers or other creditors.
Backpack claims to have received court approval and has paid funds, but FTX denies this claim.
The two parties are disputing the details and legality of the transaction.