(Bloomberg) -- The question of who owns the European unit of Sam Bankman-Fried’s former crypto enterprise appeared to be settled: Dubai-based Backpack Exchange said it had purchased FTX EU after months of wrangling.
Backpack, a crypto trading platform founded by one-time employees of Bankman-Fried’s FTX and Alameda Research businesses, said the $32.7 million acquisition would expand its derivatives offerings in the region.
But according to the US-based FTX estate, the ownership situation is less clear. In a press release issued on Wednesday, the estate said a pending transfer of the shares of the European arm to its two co-founders — Patrick Gruhn and Robin Matzke — had not yet occurred. Backpack Exchange said it had purchased the unit from Gruhn and Matzke.
“As of today, 100% of the share capital of FTX EU is held by FTX Europe AG, an FTX subsidiary” and the previously announced transfer of the shares to the insiders has not yet occurred, FTX said.
In response to FTX’s statement, Backpack said the sale to the co-founders closed in May and “payments have been made to the FTX bankruptcy estate in accordance with the terms of purchase.”
Subsequently, Backpack said in a statement that it purchased the same European assets from the FTX EU insiders. Last month, the transaction was approved by the Cyprus Securities and Exchange Commission, Backpack said.
“Following such approval, the FTX estate is obligated to transfer the shares as set out in the court-approved sales and purchase agreement,” Backpack said.
Gruhn confirmed the transaction with Backpack and said his lawyer notified FTX on Monday about the approval by Cyprus’ regulator, but did not receive any response. Lawyers for FTX did not immediately respond to requests for comment.
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