Backpack Exchange, a crypto trading platform founded by one-time employees of Sam Bankman-Fried’s FTX and Alameda Research businesses, has acquired the former European entity of the failed FTX exchange for $32.7 million to expand its derivatives offerings in the region.
FTX EU was one of the business units that ended up as part of the bankruptcy after Bankman-Fried’s firm collapsed in 2022. As part of the acquisition, Dubai-based Backpack will assume responsibility for distributing previously court-approved FTX bankruptcy claims of about €53 million ($55 million) to FTX EU customers.
WATCH: Armani Ferrante, Backpack CEO, discusses the opportunity the acquisition presents and says that their priority is to “return customer assets.” Source: Bloomberg
The FTX estate had filed a ...
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