I have an enormous amount of appreciation for the FTX estate's commitment to maximizing customer returns, but my concern is that FTX EU customers may become confused here.
This is the series of events. All publicly verifiable.
- FTX EU was sold to its original founders and approved by the bankruptcy court, free and clear.
- Backpack bought the company not from the estate, but from the FTX EU founders.
- The purchase was subject to CySec's (the EU regulator) approval.
- After one year of diligence on Backpack, the regulator approved.
Today, the FTX estate is *not* responsible for any of the funds (EUROs, to be specific) owed by FTX EU to former FTX EU customers. This process will be entirely handled by Backpack EU. Furthermore, Backpack is *not* involved in the estate's ongoing bankruptcy process and will *not* be distributing funds to FTX international customers. Backpack is only involved with FTX EU customers.
We're here to answer any and all questions.