Backpack, which announced its acquisition of the European arm of bankrupt exchange FTX on Monday, has not been authorized by FTX to make any distributions to any FTX customers or other creditors, the FTX bankruptcy estate said.

A day after the official acquisition announcement, FTX estate disputes Backpack claims. Backpack claimed to have paid $32.7 million to acquire FTX EU. FTX estate

Backpack Exchange claims it acquired FTX EU from insiders Patrick Gruhn and Robin Matzke, but FTX’s US bankruptcy estate disputes ownership.

Bankrupt crypto exchange FTX says the acquisition of its European arm FTX EU by crypto exchange Backpack has not been approved by the bankruptcy court, nor has Backpack been authorized to make distributions to FTX creditors.

Tensions may have boiled over between FTX bankruptcy estate and Backpack, a wallet firm and crypto exchange, over FTX EU sale.

The FTX bankruptcy estate challenged the sale of FTX EU to Backpack, a cryptocurrency exchange founded by former Alameda employees

Backpack addresses the controversy over its acquisition of FTX EU, asserting regulatory approval while committing to return customer funds.

Backpack acquires FTX EU for $32.7M, gaining CySEC approval to offer regulated perpetual futures in the EU by Q1 2025.

Backpack Exchange, a crypto trading platform founded by former FTX and Alameda Research employees, has purchased the former European assets of the bankrupted company for $37.7 million. Armani Ferrante,