Backpack Exchange, founded by former FTX and Alameda employees, has acquired the bankrupt former European entity of FTX for $32.7 million, aiming to expand its derivatives business in the region. FTXEU was one of the business units that ultimately went bankrupt following FTX's collapse in 2022. As part of the acquisition, Backpack, headquartered in Dubai, will be responsible for distributing the previously court-approved approximately 53 million euros ($55 million) in FTX bankruptcy claims to FTXEU customers.
According to recent news, Backpack Exchange has received approval from the Cyprus Securities Exchange Commission and the FTX bankruptcy court to officially acquire FTXEU. Backpack Exchange will handle the distribution of the bankruptcy claims approved by the court for FTXEU users.

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